en.Wedoany.com Reported - Hanwha Ocean Co., Ltd. has signed a non-binding memorandum of understanding with Kanata Clean Power & Climate Technologies Corp. of Canada to jointly develop a floating LNG export facility near the Port of Prince Rupert in British Columbia, with a designed annual capacity of up to 12 million tons.

According to Kanata's estimates, the total capital expenditure for the project is approximately $15.7 billion, with the final figure subject to engineering, commercial arrangements, and regulatory approvals. Under the terms of the MOU, Hanwha Ocean and Kanata plan to explore cooperation in several areas, including the engineering and construction of floating LNG production facilities, operations and maintenance services during the facility's operational life, strategic equity participation by Hanwha Ocean or its affiliates, long-term LNG offtake arrangements, and midstream solutions such as LNGC and LNG BV.

Philippe Levy, President of Hanwha Ocean's Energy Division, stated that Canada possesses world-class natural gas resources and the potential to supply the Asia-Pacific market. He expressed the company's pleasure in establishing a strategic partnership with Kanata and exploring how its FLNG, marine engineering, and construction capabilities can support the project. He noted that, subject to matching technical, commercial, environmental, and regulatory conditions, floating LNG offers a flexible and scalable pathway for new export development, and that this MOU represents an important first step.

The Kanata LNG project plans to build a floating export facility near the Port of Prince Rupert, which is the Pacific port closest to Northeast Asia in North America. The project aims to achieve scalable export capacity through modular construction and marine-based liquefaction technology. Kanata has also offered participating Indigenous communities the opportunity to obtain up to a 50% ownership stake in the project.

Robert F. Delamar, CEO of Kanata Clean Power & Climate Technologies Corp., stated that Hanwha Ocean possesses globally recognized capabilities in floating infrastructure, shipbuilding, and energy systems, making it an outstanding collaborator to advance the project.

The MOU is non-legally binding and serves only to express an intention to cooperate. Any future commitments regarding engineering, investment, operations, or LNG offtake will remain subject to further due diligence, negotiation and execution of binding agreements, board approvals, and satisfaction of customary conditions. The proposed project is still subject to multiple approvals, including environmental assessments, consultations with Indigenous communities, and regulatory permits.

Hanwha Ocean is currently participating in discussions regarding Canada's future submarine capability requirements. This collaboration aligns with its efforts to contribute to Canada's industrial objectives within the framework of industrial and technological benefits. The MOU aims to explore areas of industrial cooperation, including potential opportunities related to the Canadian Patrol Submarine Program in which Hanwha intends to participate.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com