Hyundai logistic arm inks long-term LNG deal with Australia’s Woodside

	Hyundai Glovis has signed 10-year LNG transport contract with Australian petroleum company Woodside
	The South Korean company has released roadmap for hydrogen value chain development by 2030


Hyundai Glovis, the logistics arm of South Korean automaker Hyundai Motor Group, has nabbed a long-term contract from Australia’s leading petroleum exploration and production company Woodside to supply liquified natural gas.

The company aims to expand the existing shipping portfolio from automobiles to add gas transportation capabilities.

It has been reported that Woodside has assured a 10-year LNG transport contract to Hyundai Glovis, providing a further 5-year extension option and will supply Australia-produced LNG across demand sources like Northeast Asia.

In line with the Woodside-contract, the South Korean petroleum company has placed orders for LNG carriers, scheduled to be delivered during the second half of 2024.

Hyundai Glovis aims to leverage the recent partnership to amalgamate its maritime transportation capabilities with the resource development capabilities of Woodside and ultimately create a robust LNG supply chain.

Moreover, Woodside is also a part of Australia’s Pluto LNG project.

Solidifying ties with Woodside – a hydrogen supplier that invested in a consortium Hynet focused on the development of hydrogen charging infrastructure - will allow Hyundai Glovis to boost its business in hydrogen transportation.

Hydrogen, a highly flammable compound when infused with very tiny amounts of air, is liquefied under temperatures near about minus 253 degrees Celsius and is then stored in cryogenic containers.

Notable benefits of liquefied hydrogen include its high density as opposed to compressed gas, which allows more energy to be stored in the determined volume for easier transportation.

Meanwhile, South Korea’s shipbuilding group has introduced a business roadmap for its 2030 hydrogen value chain goals, while building hydrogen transport ships and designing vessels showcasing hydrogen fuel propulsion systems.

In late 2021, Korea Research Institute of Ships & Ocean Engineering (KRISO) launched a joint project funded by the state for developing a maritime liquefied hydrogen fuel tank.

Source Credit: https://www.ajudaily.com/view/20220412110119148