Update: Glenfarne finalizes 20-yr LNG supply deal with South Korea's POSCO
Glenfarne's Alaska LNG unit said on Thursday it finalized an agreement to supply 1 metric MMtpy of liquefied natural gas (LNG) to South Korean trading firm POSCO International for 20 yrs from its planned export project.
This follows a preliminary agreement signed in September (learn more).
Global demand for the superchilled fuel has surged since Russia's invasion of Ukraine upended gas markets in 2022, driving buyers in Europe and Asia to lock in long-term supply deals with U.S. exporters.
Since becoming majority owner and lead developer in the Alaska LNG project in March, Glenfarne has secured preliminary commercial commitments with buyers in Japan, Korea, Taiwan and Thailand for 11 MMtpy of LNG.
As part of the agreement, POSCO will also make a capital investment of an undisclosed amount in Alaska LNG before the final investment decision, and provide a significant portion of the steel for the 807-mi. pressurized natural gas pipeline.
The LNG pipeline will link the state's North Slope gas reserves to Southcentral Alaska and its planned export terminal, with Glenfarne aiming for a final investment decision by the end of the year.
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