TotalEnergies, South Korea’s HD Hyundai Chemical sign 7-year LNG sale deal

French oil major TotalEnergies and South Korea’s HD Hyundai Chemical signed a 7-year deal to deliver 200,000 tons of liquefied natural gas (LNG) annually starting in 2027, the company announced on Tuesday.

The agreement, with prices indexed to both Brent and Henry Hub, further solidifies TotalEnergies’ long-term position in South Korea, the world’s third-largest LNG importer, the company said in a statement.

TotalEnergies is the world’s third-largest LNG producer, with a global portfolio of 44 million tons per year in 2023.

‘This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,’ Gregory Joffroy, senior vice president of LNG at TotalEnergies said.

• liquefied natural gas (LNG)