Glenfarne Alaska LNG, an affiliate of Glenfarne Group, has become the majority owner and lead developer of the Alaska LNG project, the only federally permitted LNG export project on the US Pacific Coast.
This comes after the signing of definitive agreements with the Alaska Gasline Development Corporation (AGDC), an independent corporation of the State of Alaska.
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Alaska LNG is designed to deliver North Slope natural gas to Alaskans and export up to 20 million tonnes per annum (mtpa).
Under the agreement, AGDC is divesting 75% of its subsidiary, 8 Star Alaska, to Glenfarne. It retains a 25% ownership and remains a key partner in the project.
Glenfarne will lead all remaining development work, from front-end engineering and design (FEED) through to a final investment decision (FID).
Glenfarne CEO and founder Brendan Duval said: “Glenfarne’s financial, project management and commercial expertise is well matched to lead this vital project forward. Alaska LNG will provide desperately needed energy security and natural gas cost savings for Alaskans and give Glenfarne unmatched flexibility to simultaneously serve LNG markets in both Asia and Europe through our three LNG projects.
“Glenfarne strongly believes in the benefit of partnering with the communities where we work, and we are already building our Alaska team to bring Alaska LNG to life.”
Alaska LNG consists of three sub-projects: an 807-mile (1,298.7km) pipeline, a 20mtpa LNG export terminal in Nikiski and a North Slope-based carbon capture plant.
The plant will remove and store 7mtpa of carbon dioxide.
Phase one of the project will focus on developing pipeline infrastructure due to declining gas production from Cook Inlet.
Following a successful FID, the State of Alaska will retain a 25% share in 8 Star Alaska and have the option to invest up to 25% in any sub-projects.
AGDC president Frank Richards said: “I’m incredibly proud of the ADGC team that has worked tirelessly over the past 11 years to develop Alaska LNG. Through persistence, hard work and the determination that characterises the Alaska spirit, Alaska LNG has successfully advanced through the design and permitting gauntlet to ignite global market momentum and attract a world-class developer.
“Alaska LNG will ensure a brighter future for generations of Alaskans and I look forward to working with Glenfarne as they lead Alaska LNG forward.”
AGDC and Glenfarne previously executed a letter of intent in June 2024 and an exclusive term sheet in December 2024 before the current agreement.
The two companies signed an exclusive agreement in January this year to advance the development of the $44bn Alaska LNG Project, which is expected to deliver natural gas by 2031, with LNG exports following soon after.
The project includes an Arctic Carbon Capture plant, an LNG export facility and a pipeline connecting the North Slope with south-central Alaska.
