[LNG Prime/ June 19, 2024] South Korean conglomerate Hanwha has agreed to buy more shares in US LNG firm NextDecade to increase its stake in the developer of the Rio Grande LNG export terminal in Texas.

According to a filling with the US SEC dated June 13, York Capital Management Global Advisors will sell to Hanwha Aerospace and Hanwha Ocean USA International, both units of Hanwha, up to 35,072,737 NextDecade shares.

York Capital entered into secondary block trade agreements with the Hawnha units and the deals remain subject to customary closing conditions, including HSR clearance.

Hanwha Aerospace said in a filling to the stock exchange that it will buy 17,536,368 shares in NextDecade for about 180.3 billion won ($130 million), securing a 6.83 percent stake in NextDecade.

Also, shipbuilder Hanwha Ocean said in a separate stock exchange it will transfer in total 363.3 billion won, or about $260 million, to its unit Hanwha Ocean USA International to invest in paid-in capital increase to secure operating and investment resources.

Combined, the Hanwha units will buy a 13.66 percent stake in NextDecade. Hanwha’s subsidiary Hanwha Impact already has a 9.07 percent stake in NextDecade via its unit, HGC Next Inv.   With these new deals, Hanwha will increase its stake in NextDecade to about 22.7 percent, making it the largest single shareholder in the US LNG firm.