Hanwha Aerospace to launch US entity for LNG business

Korean defense firm Hanwha Aerospace announced on Tuesday plans to launch a U.S. subsidiary focused on its liquefied natural gas (LNG) business, as part of a strategy to bolster its role in the global energy supply chain. The entity, named Hanwha Horizon USA, will act as a central hub for Hanwha Aerospace's LNG operations, managing activities such as procurement, sales, trading, and logistics.

James Sagar, CEO of Hanwha Shipping, will take on the leadership role at Hanwha Horizon USA. Initially, the U.S. entity will focus on securing LNG supplies for Hanwha Energy's planned LNG power plant in Yeosu, South Korea, set to commence operation in 2029. Beyond this, Hanwha Horizon USA aims to supply LNG to other power plant operators and energy firms, while also expanding into LNG trading activities across Asia and other international markets.

Hanwha Aerospace stated that the formation of Hanwha Horizon USA is a significant step, linking the company's global LNG procurement expertise with its shipbuilding and maritime sectors. Sagar emphasized that this new entity marks a pivotal moment, connecting Hanwha Aerospace's global LNG procurement capabilities with its existing shipbuilding and maritime businesses.