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

Alaska LNG is a joint venture between Glenfarne (majority owner) and the Alaska Gasline Development Corporation. It is currently the only federally approved LNG export project on the U.S. Pacific Coast. The project includes building a 42-inch pipeline from Alaska’s North Slope to supply local energy needs and produce 20 mtpa of LNG for export. Following its recent agreement with POSCO, Glenfarne has also partnered with Baker Hughes, which will invest in the project and supply LNG compression and power equipment. Since gaining majority ownership in March 2025, Glenfarne has secured preliminary commitments for 11 mtpa of LNG from major Asian buyers including POSCO, Tokyo Gas, JERA, CPC, and PTT. The project will roll out in two financially independent phases: • Phase 1: In-state pipeline infrastructure to deliver gas across Alaska. • Phase 2: Construction of the LNG terminal and export facilities to ship 20 mtpa internationally. Potential Opportunities for U.S. Manufacturers 1. Strengthened U.S. LNG Presence in Asia With 11 mtpa already pre-committed by Asian buyers, the U.S. reinforces its position as a long-term LNG supplier to Japan, Korea, Taiwan, and Thailand. 2. Increased Energy Security for Alaska Phase 1’s pipeline ensures communities gain more reliable, affordable natural gas, reducing reliance on imported fuel. 3. Support for U.S. Geopolitical Strategy Exporting LNG to Asia reduces those countries’ dependence on Russian or Middle Eastern gas, aligning with U.S. strategic interests in the Indo-Pacific. 4. Acceleration of U.S. LNG Project Development The two-phase, financially independent structure lowers investment risk and may become a model for future U.S. LNG megaprojects.