French energy giant TotalEnergies has signed a multi-year agreement to supply liquefied natural gas (LNG) to South Korea’s HD Hyundai Chemical, reinforcing its long-term presence in one of the world’s biggest LNG markets.
Under the heads of agreement (HoA), TotalEnergies will deliver 200,000 tons of LNG annually from 2027 to 2033, with prices indexed to both Brent and Henry Hub. The LNG will be used to fuel one of Hyundai Chemical’s industrial sites.
The deal marks another significant win for TotalEnergies in South Korea, the world’s third-largest LNG importer, following its recent supply agreement with Korea Gas Corporation (KOGAS).
Calling LNG a “transition energy,” TotalEnergies said the fuel helps balance renewable intermittency and reduces emissions when used instead of coal for electricity generation.
Gregory Joffroy, Senior VP for LNG at TotalEnergies, noted that the agreement helps the company secure long-term sales in Asia while reducing exposure to volatile spot market gas prices.
The French major is targeting natural gas to make up 50% of its sales mix by 2030, alongside commitments to reduce carbon and methane emissions across its value chain. Its strategy is built around two growth pillars: oil and gas (mainly LNG) and integrated power.
Beyond LNG, the company is also expanding upstream oil and gas operations, including the recent award of four offshore exploration permits in Liberia.
