Glenfarne’s Alaska LNG unit announced on Thursday that it had finalized an arrangement to supply 1,000,000 tonnes of liquefied gas per year to South Korean trading company POSCO International from its planned project for export over a period of 20 years.
The agreement follows one signed in September.
Since the Russian invasion of Ukraine in 2022, global demand for superchilled fuels has risen. This has led buyers in Europe and Asia into long-term supply agreements with U.S. suppliers.
Glenfarne, since becoming the majority owner and lead developer of the Alaska LNG Project in March, has already secured 11 mtpa in LNG commitments from buyers in Japan. Korea, Taiwan, and Thailand.
POSCO, as part of this agreement, will also invest an undisclosed sum in Alaska LNG, before the final decision is made, and supply a substantial portion of steel for the 807 mile pressurized gas pipeline.
The LNG pipeline will connect the state's North Slope reserves with Southcentral Alaska, and its planned LNG export terminal. Glenfarne is aiming to make a final investment decision before the end of this year. (Reporting and editing by Vijay Kishore in Bengaluru)
(source: Reuters)