Tongyeong, South Korea
Asia continues long-term LNG supply quest
South Korean utility is the latest to sign up for contractual volumes as the continent’s purchasers appear to put a greater premium on supply security than Europeans
TotalEnergies and Korea’s Hanwha Energy have signed an SPA that will see the French major supply the utility with 600,000t/yr of LNG for 15 years from 2024. The deal takes the volumes of new term supply to which Asian buyers have agreed in the three months since Russia’s invasion of Ukraine disrupted the global gas market to almost 11.3mn t/yr, by Petroleum Economist calculations (see Fig.1). In sharp contrast, European utilities have inked deals for only half that amount in the same period. And it is only two companies—France’s Engie and Poland’s Pgnig—that have been responsible for securing that European supply. Hanwha is the seventh different Asian buyer to sign a term contract, joining f
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
