{"id":742086,"date":"2026-06-17T05:29:13","date_gmt":"2026-06-17T05:29:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/742086\/"},"modified":"2026-06-17T05:29:13","modified_gmt":"2026-06-17T05:29:13","slug":"south-koreas-hanwha-signs-mou-with-kanata-lng-proposal-in-b-c","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/742086\/","title":{"rendered":"South Korea\u2019s Hanwha signs MOU with Kanata LNG proposal in B.C."},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

The Republic of Korea Navy KSS-III, known as Dosan Ahn Chang-ho submarine is docked during a welcome ceremony at CFB Esquimalt in B.C., on May 25.Chad Hipolito\/The Canadian Press<\/p>\n

Shortly before a decision is expected on a contract to build 12 submarines for Canada, one of the two companies in the running has announced a memorandum of understanding to support plans for the fledgling Kanata LNG project in British Columbia.<\/p>\n

Seoul-based shipbuilder Hanwha Ocean Co. Ltd. entered a non-binding MOU with Vancouver-based Kanata Clean Power & Climate Technologies Corp., a development company that partners with First Nations<\/a>, for the proposed development of Kanata LNG, a floating export project planned for Prince Rupert.<\/p>\n

Kanata estimates the project, subject to regulatory approvals, will have a capital cost about US$15.7-billion. It would ultimately be used to export liquefied natural gas to Asia.<\/p>\n

South Korea\u2019s Hanwha is competing against Germany\u2019s TKMS to secure the lucrative submarine contract. Prime Minister Mark Carney has said he expects to make a decision by the end of June on what will be among the biggest military<\/a> procurements in Canadian history.<\/p>\n

On the LNG front, Hanwha said on Tuesday that it looks forward to partnering with Kanata.<\/p>\n

\u201cSignificant work remains before any final investment or project execution decision can be made, and we look forward to working with Kanata to evaluate the opportunity in a disciplined and responsible manner,\u201d Philippe Levy, president of Hanwha\u2019s energy plant unit, said in a statement.<\/p>\n

Algoma to supply metals for Hanwha combat vehicles if South Korean company wins sub contract<\/a><\/p>\n

The two sides will be exploring Hanwha\u2019s capabilities for offshore engineering, construction and marine energy.<\/p>\n

Robert Delamar, Kanata\u2019s chief executive officer, welcomed the signing of the MOU. <\/p>\n

\u201cHanwha brings globally recognized capabilities in floating infrastructure, shipbuilding and energy systems, making it an outstanding collaborator as we advance the project,\u201d Mr. Delamar said in a news release.<\/p>\n

There will be opportunities for First Nations to participate as equity co-owners, with up to 50-per-cent interest potentially available.<\/p>\n

The goal is to export up to 12 million tonnes a year of LNG to Asia from the Prince Rupert area, subject to various approvals, including environmental reviews.<\/p>\n

Earlier this year, Hanwha signed an MOU with Fermeuse Energy Ltd. to jointly promote and develop plans to export LNG from Newfoundland and Labrador.<\/p>\n

Shell PLC-led LNG Canada became this country\u2019s first export terminal for the fuel when it started shipping in mid-2025 to Asia from Kitimat, B.C.<\/p>\n

LNG Canada\u2019s co-owners are expected to make a final investment decision later this year on a Phase 2 expansion, which would double the plant\u2019s total capacity. <\/p>\n

Last week, a group of Indigenous leaders in northwest B.C. sent a letter to major pension funds, urging them to steer clear of making any investments that would support LNG Canada\u2019s expansion plans.<\/p>\n

In 2013, there were more than 20 LNG proposals in British Columbia.<\/p>\n

Today, only two smaller B.C. projects \u2013 Woodfibre LNG near Squamish and Cedar LNG in Kitimat \u2013 are under construction in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: The Republic of Korea Navy KSS-III, known as Dosan Ahn Chang-ho submarine is…\n","protected":false},"author":2,"featured_media":742087,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-742086","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/742086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=742086"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/742086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/742087"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=742086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=742086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=742086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}