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Posco becomes 1st Korean firm to join Alaska LNG project: Glenfarne

Published: 12 Sep. 2025, 16:26

PARK EUN-JEE
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A liquefied natural gas (LNG) tanker is tugged toward a thermal power station in Futtsu, east of Tokyo, Japan, November 13, 2017. [REUTERS]

Posco International has signed a strategic partnership agreement with Glenfarne Alaska LNG for the development of Alaska liquefied natural gas, becoming the first South Korean company to officially announce participation in the major U.S. energy project backed by President Donald Trump, the U.S. company said Thursday.

Posco International, a major gas importer in South Korea, signed the partnership with Glenfarne, the lead private developer of the Alaska project, during the Gastech conference held in Milan, Italy, according to Glenfarne.

The partnership agreement will be finalized after the two companies' respective boards give approvals.

Glenfarne said the agreement will include initial terms for Posco to supply a significant portion of the steel required for Alaska's 1,300-kilometer (808-mile) pressurized natural gas pipeline, which will connect Southcentral Alaska and a LNG export terminal in the southern part of the state.

The Korean company also signed a 20-year heads of agreement (HOA) to purchase 1 million tons of LNG per year on a free-on-board basis, which marks the first HOA for Alaskan LNG, Glenfarne added.

"Posco's participation in Alaska LNG adds tremendous momentum as we drive this signature North American LNG project forward at a rapid tempo," Glenfarne's chief executive officer and founder Brendan Duval said in a press release.

"Korea is a valued target market for Alaska LNG and we greatly appreciate Posco's engagement as we advance Alaska LNG," he added.

Glenfarne Alaska LNG President Adam Prestidge said, "Posco is one of the world's foremost steel companies, a leading LNG importer in one of Alaska LNG's most important markets and now a significant partner in Alaska LNG."

The Trump administration has been pushing Seoul, Tokyo and other Asian countries to invest in the Alaska LNG project, which aims to build a 1,300-kilometer pipeline connecting the North Slope, a massive, proven reserve of natural gas, to southern Alaska for export mainly to Asian countries.

On July 30, the Korean government agreed to purchase $100 billion worth of American energy products in a trade deal with the United States, under which the Trump administration agreed to lower reciprocal tariff rate for South Korea to 15 percent from 25 percent.

Until now, Glenfarne has signed partnership agreements with Taiwan's CPC, Thailand's PTT and Japan's JERA for the project.

Yonhap