TotalEnergies Commits to Supply LNG to HD Hyundai Chemical Till 2033

SEATTLE (Oil Monster): TotalEnergies, the French energy major, has signed a Heads of Agreement (HoA) with HD Hyundai Chemical to supply 200,000 tons of liquefied natural gas (LNG) per year for seven years beginning in 2027. The new agreement will help the company increase its long-term LNG shipments and strengthen its position in South Korea. The pricing is based on both Brent crude oil and the Henry Hub natural gas index.

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The arrangement is consistent with TotalEnergies' overall plan to develop its LNG operations and fulfill the expanding energy needs of Asian markets. It will enable the corporation to play an important role in regional countries' transition to natural gas.

Gregory Joffroy, Senior Vice President of LNG at TotalEnergies, emphasized the significance of supplying natural gas to one of HD Hyundai Chemical's industrial facilities. It reaffirms its commitment to long-term energy solutions that are consistent with both market demands and environmental aims, he said.

TotalEnergies is the third largest player in the global LNG market, with a combined portfolio of 44 million tonnes per year in 2023. It employs more than 100,000 people and works in about 120 countries. The corporation plans to increase the share of natural gas in its sales mix to about 50% by the end of the current decade.