Glenfarne and South Korea's POSCO sign 20-year deal for LNG supply

Glenfarne’s Alaska LNG unit announced on Thursday that it had signed an agreement for the provision of 1 million tonnes of LNG per year (mtpa), from its planned project, to South Korean trading company POSCO International over a period 20 years.

Since the Russian invasion of Ukraine in 2022, global demand for liquefied natural gas has risen. This has led buyers in Europe and Asia into long-term supply agreements with U.S. suppliers.

POSCO will also provide steel for Alaska LNG’s 807-mile pipeline. The agreement follows a letter of intent between the U.S. Energy Infrastructure Company and Japan’s JERA Co.

The LNG pipeline will connect the state's North Slope reserves of gas to Southcentral Alaska, and its planned LNG export terminal. Glenfarne is aiming for an investment decision at the end this year.

Brendan Duval, CEO of Glenfarne, said that "POSCO's involvement adds tremendous energy as we move this North American LNG signature project forward rapidly."

Glenfarne has developed 32.8 mtpa in LNG export capacity through projects in Alaska Texas and Louisiana. (Reporting and editing by Shreya biswas in Bengaluru, Pranav Mathur from Bengaluru)

(source: Reuters)