Hanwha Aerospace(012450) said on the 25th that it established the Hanwha Horizon USA entity in the United States and will begin its global liquefied natural gas (LNG) business in earnest.
Hanwha Horizon USA will serve as the control tower for Hanwha Aerospace's LNG business, handling procurement, trading, and logistics optimization. James Sagar, chief executive officer (CEO) of Hanwha Shipping LLC, who has more than 30 years of experience in the maritime and energy sectors, will concurrently serve as CEO of Hanwha Horizon USA.
Centering on Hanwha Horizon USA, Hanwha Aerospace plans to build an LNG value chain that spans transportation, supply, and power generation to secure global business competitiveness. Hanwha Horizon USA will supply fuel to the Hanwha Energy Yeosu LNG power plant, which is scheduled to begin commercial operation in 2029, and will expand LNG supply to domestic and overseas power generators and energy corporations. In the mid to long term, it will also ramp up its LNG trading business in global markets, including Asia.
A Hanwha Aerospace official said, "The LNG business is also part of contributing to Korea's energy security amid rapidly changing global circumstances and strengthening Korea-U.S. energy security cooperation," adding, "With a stable LNG supply chain, an integrated security partnership spanning customer countries, energy, and defense is also expected to be possible."
Hanwha Aerospace has secured a stable supply base by signing an LNG purchase agreement with Venture Global, a major U.S. LNG producer. It also signed a business agreement with Korea Southern Power (KOSPO) to build a "Team Korea for strengthening global LNG cooperation," pushing to bolster LNG procurement competitiveness and diversify supply chains. Recently, it obtained an A- credit rating from global rating agency S&P, securing financial competitiveness for expanding its LNG business.