Within the framework of the Gastechconference, Glenfarne Alaska LNG and POSCO International Corporation announced the signing of an agreement to establish a strategic alliance for the development of the Alaska LNG project, the only federally authorized liquefied natural gas export project on the Pacific coast of the United States.
The development of the Alaska LNG project
The alliance includes three fundamental components: the supply of steel by POSCO, a preliminary 20-year LNG offtake agreement , and a direct investment in the project. This agreement marks the first formal LNG offtake commitment for Alaska LNG, pointing towards the final investment decision(FID), expected by Glenfarne later this year.
For its part, POSCO, South Korea’s largest steel producer and a major importer of LNG in Asia, will supply some of the steel needed for the 1,294-kilometer, 107-centimeter-diameter pipeline, which will connect the North Slope’s vast natural gas resources to the export terminal in Nikiski, Alaska.
This pipeline will be built in two separate phases: the first will transport gas to the Anchorage region, while the second will include the liquefaction plant, the subsea section under Cook Inlet and the compression systems.
The Alaska LNG project is a joint venture between Glenfarne, majority shareholder and lead developer, and the state-owned Alaska Gasline Development Corporation. It aims to supply both Alaska’s domestic market and export up to 20 million tons per year(MTPA) of LNG to international markets, with South Korea as a priority destination.
Source and photo: Glenfarne Group
