PTT Thailand to purchase 2 MTPA LNG from Glenfarne Alaska LNG for 20 years

Glenfarne announced late Monday that the Thai state-owned PTT Group, which is an oil and gas company, had signed an agreement with Glenfarne to purchase 2 million metric tonnes of liquefied gas annually from its Alaska LNG project for a period of 20 years.

PTT stated that it would continue to study the Alaska LNG Project in order to expand its LNG businesses and improve Thai energy security.

Thailand has increased its LNG imports in recent years, to meet the rising demand for electricity and decreasing domestic gas production. It has also expanded its import capacity.

Thailand's Finance minister Pichai Chunhavajira stated earlier this year that Southeast Asia's largest economy will import more US LNG in the next five-year period.

Adam Prestidge is the President of Glenfarne Alaska LNG. Glenfarne, the majority owner of Alaska LNG and its lead developer, is owned by Glenfarne.

The $44 billion project championed and backed by U.S. president Donald Trump is expected to produce about 3.5 billion cubic foot of gas per day from North Slope's gas fields, with much of that gas going for international markets.

No final investment decisions have been made yet. The project requires the construction of an 800-mile (1,300-km) pipeline to transport gas from Alaska to Asia.

(source: Reuters)