Glenfarne and Posco Finalize Strategic Alaska LNG Partnership and Project’s First HOA
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Glenfarne Alaska LNG and POSCO International Corporation signed definitive agreements finalizing the formation of a strategic partnership for the development of the Alaska LNG Project, the only federally authorized LNG export project on the U.S. Pacific Coast.
Glenfarne chief executive officer and founder Brendan Duval and POSCO chief executive officer KyeIn Lee commemorated the agreement in a ceremony attended by Secretary of the Interior and National Energy Dominance Council Chairman Doug Burgum and Secretary of Energy and National Energy Dominance Council Vice Chairman Chris Wright at the Department of Energy in Washington, D.C.
“POSCO Group is one of the world’s leading steel and energy companies, and their commitment to Alaska LNG reflects the high degree of support in Asia and across the Pacific for unlocking this valuable source of abundant, competitive LNG. Our partnership represents an important milestone in Glenfarne’s progress developing this project, backed by strong industry support and engagement,” said Glenfarne Chief Executive Officer and Founder Brendan Duval.
POSCO International Corporation is the largest sales representative of POSCO Group, Korea’s largest steel producer, and a major Korean LNG importer. Alaska LNG is a joint venture between majority owner and lead developer, Glenfarne, and the state-owned Alaska Gasline Development Corporation.
Glenfarne recently partnered with global LNG technology leader Baker Hughes, which is also making an investment in Alaska LNG and providing LNG compression technology and power generation equipment.
Since becoming Alaska LNG majority owner in March, Glenfarne has secured preliminary commercial commitments with leading LNG buyers in Japan, Korea, Taiwan, and Thailand for 11 MTPA of LNG, including the HOA with POSCO International Corporation and agreements with Tokyo Gas, JERA, CPC, and PTT.
Glenfarne is developing Alaska LNG in two financially independent phases to accelerate project execution. Phase one consists of the in-state pipeline infrastructure to deliver natural gas from Alaska’s North Slope to help meet Alaska’s domestic energy needs. Phase two of the project will add the LNG terminal and related infrastructure to export 20 million tonnes per annum (MTPA) of LNG.
Glenfarne Group is a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas, with offices in Anchorage, Alaska; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; Tokyo, Japan; and Seoul, South Korea. Through its subsidiaries, Glenfarne currently owns and operates over 60 energy infrastructure assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America.
POSCO International, a core member of the POSCO Group, continues to solidify its position as a leading trading and investment company with a diverse business portfolio spanning steel, energy, and agribusiness. Leveraging an extensive global network, the company is actively engaged in steel trading, the development and operation of the Myanmar Gas Field, as well as sourcing key resources for its overseas agribusiness operations. In line with its commitment to sustainable growth, POSCO International is also exploring future growth engines such as renewable energy and eco-friendly mobility components. By prioritizing innovation and sustainability, the company aims to stay ahead in a rapidly changing global business landscape. Supported by a stable business foundation and robust global capabilities, POSCO International is well-positioned to achieve sustainable growth and create long-term value.
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