Glenfarne Alaska LNG, LLC (Glenfarne) and POSCO International Corporation (POSCO) have announced an agreement to advance a strategic partnership for the development of the Alaska LNG Project, the only federally authorized LNG export project on the U.S. Pacific Coast. The partnership will include steel supply, LNG offtake, and an investment with respect to the Alaska LNG project.
This agreement will include initial terms for POSCO to supply a significant portion of the steel required for Alaska LNG’s 807-mile, 42-inch pressurized natural gas pipeline. The Alaska LNG pipeline will connect Southcentral Alaska, home to Alaska’s population center and the Alaska LNG export terminal, with Alaska’s vast, stranded natural gas resources on the North Slope. Glenfarne is targeting a year-end FID for the Alaska LNG pipeline.
The agreement will include initial terms for a 20-year Heads of Agreement for 1 million tonnes per annum (MTPA) of LNG offtake on a Free-on-Board basis.
Glenfarne’s permitted North American LNG portfolio totals 32.8 MTPA of capacity under development in Alaska, Texas and Louisiana.