Glenfarne selects POSCO to supply steel for Alaska LNG Project pipeline

Glenfarne Alaska LNG, LLC and POSCO International Corporation have announced the signing of a strategic partnership agreement covering steel supply, LNG screening and investments for the Alaska LNG project on the Pacific Coast of the United States. It is reported that the final agreements are subject to approval by the Board of directors of both companies.

Steel Supply Agreement

Under the agreement, POSCO will supply a significant portion of the steel needed for the construction of the 807-mile 42-inch Alaska LNG pressurized gas pipeline. This pipeline will connect the gas resources of Alaska's Northern Slope with South-Central Alaska, where the Nikiski LNG export terminal will be located.

The partnership framework also includes a 20-year agreement to supply 1 million tons of LNG per year on FOB TERMS.

Strategic partnership and market power

According to Glenfarne, POSCO's participation is considered particularly valuable due to its dual role as South Korea's largest steel producer, providing reliable steel supplies, a major importer of LNG, and strengthening the project's access to Asian markets.

The project is designed to transport enough natural gas to meet Alaska's domestic demand, supply 20 million tons per year to the LNG export terminal, and develop in two phases.