Hanwha Ocean has signed a non-binding memorandum of understanding with the developers behind a proposed liquefied natural gas project near Prince Rupert, B.C., amid the South Korean firm’s push to secure a major defence contract in Canada. (The Logic)

Talking point: Hanwha Ocean is one of two companies reportedly competing for a contract to supply Canada’s planned fleet of up to 12 submarines. The memo says Hanwha and Kanata LNG will explore engineering, investment and LNG offtake opportunities related to the proposed export project, which would have the capacity to ship up to 12 million tonnes of LNG annually. Kanata estimates the project will cost about US$15.7 billion and has proposed an ownership structure giving participating First Nations up to a 50 per cent stake in the project.