The two firms signed a memorandum of understanding on Wednesday, according to a statement by Posco International.
Through this MoU, the two firms agreed to co-develop offshore wind projects, supply steel for offshore wind infrastructure, enhance LNG procurement and supply across the energy value chain, and pursue new joint energy projects and form working groups.
Building on their 2023 MoU, POSCO International and Equinor plan to “further strengthen their partnership by continuously turning individual project opportunities into concrete initiatives and enhancing their implementation.”
Equinor operates the Hammerfest LNG export plant in Norway and is currently working on an order for LNG carriers.
On the other hand, Posco International started shipping LNG this year with its first dedicated LNG carrier.
HL Fortune will mainly deliver US LNG supplies to South Korea.
The carrier is scheduled to make at least five round trips annually to the Gwangyang LNG terminal, primarily transporting LNG under long-term North American contracts.
In May 2022, Posco International signed a 20-year deal with Cheniere Marketing, a unit of US LNG exporting giant Cheniere, to buy LNG from the Corpus Christi expansion project in Texas.
Under the deal, Cheniere Marketing will supply about 0.4 million tonnes per annum (mtpa) of LNG to Posco International on a free-on-board basis, beginning in late 2026.
Posco International is also interested in buying LNG from the Glenfarne-led Alaska LNG project.
