Glenfarne, South Korea's POSCO Intl. sign 20-yr LNG supply deal
Glenfarne's Alaska LNG unit said on Thursday it had signed a preliminary agreement to supply 1 metric MMtpy of LNG to South Korean trading firm POSCO International for 20 yrs from its planned export project.
Global demand for LNG has shot up since Russia's invasion of Ukraine turned the gas markets around in 2022, prompting buyers in Europe and Asia to lock in long-term supply deals with U.S. exporters.
The deal, which follows the U.S. energy infrastructure company's letter of intent with Japan's JERA Co., also includes terms for POSCO to provide steel for Alaska LNG's planned 807-mi 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.
"POSCO's participation adds tremendous momentum as we drive this signature North American LNG project forward at a rapid tempo," Glenfarne CEO Brendan Duval said in a statement.
Glenfarne is developing 32.8 MMtpy of LNG export capacity across projects in Alaska, Texas and Louisiana.
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