$44 billion LNG project in Alaska pulls off hat trick deal as new partner enters the scene

December 8, 2025, by Melisa Cavcic

Glenfarne Alaska LNG, a subsidiary of Glenfarne Group, has taken new steps to bring to life its liquefied natural gas (LNG) export development in Alaska by ironing out a strategic partnership with Korea’s POSCO International Corporation, a core member of the POSCO Group.

Alaska LNG concept; Source: Alaska Gasline Development Corporation (AGDC)

Glenfarne, whose permitted North American LNG portfolio totals 32.8 million tons per annum (mtpa) of capacity under development in Alaska, Louisiana, and Texas, has signed definitive agreements with POSCO International Corporation, finalizing the formation of a strategic partnership for the development of the Alaska LNG project.

Glenfarne Chief Executive Officer and Founder commemorated the deal with KyeIn Lee, POSCO International Corporation’s Chief Executive Officer, in a ceremony attended by Doug Burgum, Secretary of the Interior and National Energy Dominance Council Chairman, and Chris Wright, Secretary of Energy and National Energy Dominance Council’s Vice Chairman, at the Department of Energy in Washington, on December 1.

Brendan Duval, Glenfarne Chief Executive Officer and Founder, commented: “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.”

The strategic partnership encompasses three segments, including a significant portion of the steel required for Alaska LNG’s 807-mile, 42-inch pressurized natural gas pipeline to be provided by POSCO; a 20-year heads of agreement for 1 million tonnes per annum of LNG offtake on a free-on-board basis, as the first HOA signed for the Alaska LNG project to establishe commercial terms for the sale of LNG to POSCO; and a pre-FID capital investment in the project by the Korean player.

Alaska LNG is a joint venture between majority owner and lead developer, Glenfarne, and the state-owned Alaska Gasline Development Corporation. Described as the only federally authorized LNG export project on the U.S. Pacific Coast, the development entails a 42-inch diameter pipeline to transport natural gas from the North Slope to meet Alaska’s domestic needs and produce 20 mtpa of LNG for export.

The agreement with POSCO comes after Glenfarne partnered with Baker Hughes, which is also making an investment in Alaska LNG and providing LNG compression technology and power generation equipment. Since becoming Alaska LNG’s majority owner in March 2025, the firm secured preliminary commercial commitments with leading LNG buyers in Japan, Korea, Taiwan, and Thailand.

These deals are 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.

While Phase 1 consists of the in-state pipeline infrastructure to deliver natural gas from Alaska’s North Slope to help meet domestic energy needs, Phase 2 of the project will add the LNG terminal and related infrastructure to export 20 million tonnes per annum of LNG.