en.Wedoany.com Reported - Hanwha Ocean has signed a memorandum of understanding with Canada's Canata Clean Energy Power Company to jointly develop a floating liquefied natural gas (FLNG) export project in Prince Rupert, British Columbia, Canada. The project has a total investment of approximately $15.7 billion and a planned annual capacity of 12 million tons. The two parties intend to cooperate in areas such as engineering, procurement, and construction (EPC), operations and maintenance, and long-term LNG offtake. The project allows indigenous tribes to hold up to a 50% equity stake.
Philippe Levy, President of Hanwha Ocean's Energy Business Division, stated: "Canada possesses world-class natural gas resources with the capacity for long-term, stable supply. Hanwha Ocean has extensive experience in delivering complex offshore energy facilities and believes FLNG can provide a flexible and scalable pathway for new LNG export projects." Robert Delamar, CEO of Canata, noted that Hanwha has globally recognized capabilities in floating infrastructure and energy systems, making it an ideal partner to advance the project.
This collaboration is also deeply linked to Hanwha Group's defense sector presence in Canada. Under Canada's Industrial and Technological Benefits Policy, companies awarded major defense contracts must make equivalent investments within the country. Hanwha Ocean is currently one of the final bidders for the Canadian Patrol Submarine Project (CPSP), and this FLNG project could help strengthen its competitive advantage in the bid.
The project is located in Prince Rupert, the closest Pacific port in North America to Northeast Asia, offering superior geographic advantages. Sustained high Asian LNG spot prices have enhanced the economic viability of new export projects on the West Coast of North America. The British Columbia government's support for low-carbon LNG projects has reduced regulatory approval risks. Canada's pipeline of LNG export projects under construction and planned continues to expand. In early June, Germany's Uniper signed a letter of intent with the proposed Ksi Lisims LNG project, and German energy company SEFE also reached an offtake agreement in May.
Hanwha Ocean, inheriting the full technical expertise of former Daewoo Shipbuilding & Marine Engineering, previously built the world's first new-build FLNG facility for Petronas. The project still requires completion of environmental assessments, engagement with indigenous communities, and regulatory approvals before reaching a final investment decision.
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