TotalEnergies to supply LNG to HD Hyundai until 2033

South Korea

PARIS, September 25, 2024 – TotalEnergies has signed a long-term heads of agreement with HD Hyundai Chemical for the delivery of up to 200,000 tonnes of LNG per year to the South Korean company until 2033, TotalEnergies announced on Tuesday.

The signing follows a series of recent deals by TotalEnergies aimed at growing its international portfolio of long-term LNG supply contracts. This agreement will last seven years starting from 2027 and its prices indexed both to Brent and Henry Hub.

“We are pleased with this agreement with HD Hyundai Chemical, which will supply natural gas to one of their industrial sites. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” said Gregory Joffroy, senior vice-president of LNG at TotalEnergies.

HD Hyundai Chemical manufactures petrochemicals in South Korea, the world’s third-largest importer of LNG. Natural gas plays a key role in Asian markets as a transition energy source by mitigating the intermittency of renewables and potentially reducing emissions as a substitute for coal in electricity generation.