REG-TotalEnergies SE South Korea: TotalEnergies Signs LNG Long-Term Sale Contract with Hanwha Corporation

TotalEnergies SEAnnouncement

24/05/2022 07:15

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South Korea: TotalEnergies Signs LNG Long-Term Sale Contract with Hanwha
Corporation

 

Against the backdrop of World Gas Conference 2022, TotalEnergies (Paris:TTE)
(LSE:TTE) (NYSE:TTE) announces the signing of a Sale and Purchase Agreement
(SPA) with the Korea’s Hanwha Energy Corporation for the supply of 600,000
metric tons of liquefied natural gas (LNG) per year over 15 years, starting in
2024.

The LNG will be sourced from TotalEnergies’ global LNG portfolio, delivered
to the Tongyeong regasification terminal in South Korea, and then used to
supply Hanwha & HDC’s greenfield 1 GW power plant currently under
construction next to the terminal.

“We are pleased to extend our long-standing cooperation with Hanwha, with
whom we are already partnering on the Daesan petrochemical site, and in the
United States for the development of 1.6 GW of renewables. With this new
contract, TotalEnergies increases its natural gas shipments to South Korea,
the world’s third largest importer of LNG in 2021. Our Company is keen to
support the country’s switch away from coal for power generation, with both
LNG supplies and renewables projects, such as our significant “Bada” 2 GW
offshore wind project,” said Stéphane Michel, President Gas, Renewables
& Power at TotalEnergies.

“It is significant that we have secured business stability by signing a
long-term contract with our long-lasting partner TotalEnergies, even though
the volatility of the LNG market has increased more than ever due to the
recent unstable international situation. It will serve as a great foundation
for our Tongyeong project, and I think the success of the Tongyeong project
will have a great impact on our future LNG businesses. Eventually in the long
term, the company will grow steadily with a business portfolio of solar power,
ESS, and LNG,” said Jung In Sub, Chief Executive Officer of Hanwha Energy
Corporation.

***

TotalEnergies, The World’s Third-Largest Low-Carbon LNG Company

TotalEnergies is the world’s third-largest low-carbon LNG company, with a
global market share of around 10% and a global portfolio of nearly 50 Mt/y by
2025 thanks to its interests in liquefaction plants in all geographies. The
Company benefits from an integrated position across the LNG value chain,
including production, transportation, trading, and LNG bunkering.
TotalEnergies ambition is to increase the share of natural gas in its sales
mix to 50% by 2030, reduce the gas value chain’s carbon emissions, eliminate
methane emissions, and work with local partners to promote the transition from
coal to natural gas.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).

TotalEnergies Contacts 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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