A new Canada–Asia partnership is taking shape in Alberta, where the Government of Alberta and Hanwha Energy have announced plans to collaborate on energy development, industrial expansion, and supply chain infrastructure. The agreement arrives at a pivotal moment for Canada’s economic strategy, with ambitions to expand access to growing Asian markets while strengthening long-term industrial capacity and strategic resilience.
The announcement comes as the Government of the Republic of Korea moves to eliminate its 3% import tariff on Canadian crude oil as part of efforts to deepen ties with Canada, including cooperation linked to the Canadian Patrol Submarine Project. For Alberta, the change creates a timely opening to diversify export markets—an objective increasingly framed as both an economic and national security priority.
Against that backdrop, Alberta and Hanwha Energy have signed a Memorandum of Understanding to explore long-term cooperation across energy development, industrial growth, and supply chain infrastructure. The agreement also includes Hanwha Ocean, Hanwha Aerospace, and Hanwha Power, creating a coordinated, group-wide framework for deeper bilateral engagement.
The signing ceremony was attended by Danielle Smith, Joseph Schow, Brian Jean, and senior Hanwha executives.
Broad Scope, Long-Term Vision
The MOU reflects an integrated strategy spanning energy and natural resource development, defence industrial capabilities, advanced manufacturing, and logistics. It also outlines possible collaboration across oil and gas, LNG, hydrogen, carbon capture and storage, systems integration, and supply chain development—areas central to Canada’s long-term competitiveness and energy security.
In the near term, expanded crude oil and resource trade is expected to provide a practical foundation for stronger bilateral ties and broader market diversification beyond North America.
Over time, the partnership is expected to widen to include hydrogen, ammonia-based energy carriers, and carbon management infrastructure. Those future phases are designed to support lower-emissions energy systems while reinforcing industrial growth and supply chain resilience in both countries.
Energy Meets Defence and Advanced Industry
Although rooted in energy, the agreement also reaches into wider industrial and strategic sectors. Hanwha Ocean’s participation links the initiative to its bid for the Canadian Patrol Submarine Project, tying Alberta cooperation to Canada’s evolving Defence Industrial Strategy.
That includes potential support for sovereign industrial capability, long-term in-service support and sustainment capacity, and a more resilient, regionally anchored defence industrial base.
For Canada, the broader significance extends beyond a single agreement. The convergence of shifting energy policy and growing Indo-Pacific engagement is creating an opportunity for deeper bilateral cooperation. This initiative signals intent to turn that opportunity into tangible industrial activity through resource development, infrastructure investment, supply chain expansion, and long-term capital deployment.
What Leaders Are Saying
“This partnership reflects a long-term view of Canada—not only as an energy partner, but as a strategic industrial counterpart. By aligning capabilities across energy, natural resources, shipbuilding, high technology, advanced manufacturing and other areas, we see an opportunity to contribute to Canada’s economic resilience and future industrial capacity,” said Jae-Kyu Lee, Chief Executive Officer, Hanwha Energy.
“Alberta is earning the attention of global partners because we deliver results. This agreement with Hanwha Group creates new opportunities to bring investment into our province, grow high-value industries and support good-paying jobs for Albertans. We are focused on turning partnerships like this into real projects that strengthen our economy,” conveyed Danielle Smith, Premier of Alberta.
“On the horizon is major investment with more focus being put on defence manufacturing and energy production. This agreement positions Alberta even stronger as a trusted partner for global investment. By strengthening relationships with international leaders like Hanwha Group, we are supporting economic diversification that leads to real benefit for our province and the people who call it home,” stated Joseph Schow, Minister of Jobs, Economy, Trade and Immigration.
“Alberta has some of the largest energy reserves in the world. We have the goal of doubling our oil production by 2035 to meet a growing global demand and strengthen energy security for Canada, North American, and our trading partners,” said Brian Jean, Minister of Energy and Minerals.
