Glenfarne, POSCO Ink Alaska LNG Partnership


   
Maria Eugenia Garcia
DTN Energy Editor

    

   HOUSTON, TX (DTN)-- Glenfarne Alaska LNG and POSCO International Corporation 
announced on Thursday (9/10) an agreement to advance a strategic partnership 
for the development of the Alaska LNG Project. This is the only federally 
authorized LNG export project on the U.S. Pacific Coast.

   The agreement will close pending board approvals by both sides. Alaska LNG 
is a joint venture between Glenfarne, and the state-owned Alaska Gasline 
Development Corporation. POSCO is a major Korean LNG importer.

   POSCO is expected to supply a significant portion of the steel required for 
Alaska LNG's 807-mile, 42-inch pressurized natural gas pipeline, which will 
connect Southcentral Alaska with stranded natural gas resources on the North 
Slope.

   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. 
This will be the first announced HOA for Alaska LNG.

   The Alaska LNG project consists of a pipeline capable of transporting enough 
natural gas to meet both Alaska's domestic needs and supply the full 20 MTPA 
Alaska LNG export terminal in Nikiski, Alaska.

   The pipeline will be built in two independent, financially viable phases. 
Phase One will deliver natural gas approximately 765 miles from the North Slope 
to the Anchorage region. Phase Two includes the Alaska LNG facility, nearly 42 
miles of pipeline under Cook Inlet, and pipeline compression equipment.

   Glenfarne's permitted North American LNG portfolio totals 32.8 MTPA of 
capacity under development in Alaska, Texas and Louisiana.

    




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