Glenfarne Becomes Majority Owner of Alaska LNG

Glenfarne Alaska LNG, LLC, an affiliate of Glenfarne Group, LLC, and the Alaska Gasline Development Corporation (AGDC) signed definitive agreements for Glenfarne to become majority owner of Alaska LNG, the sole federally permitted LNG export project on the U.S. Pacific Coast, and lead its development of construction and operations for the entire project. Alaska LNG is designed to deliver North Slope natural gas to Alaskans and Alaska utilities and export up to 20 million tons of LNG per year (MTPA).

Under the agreement, AGDC is divesting 75 percent of 8 Star Alaska, a subsidiary AGDC created to hold and manage all Alaska LNG project assets, to Glenfarne. Glenfarne assumes the role of Alaska LNG’s lead developer and will lead all remaining development work of Alaska LNG from front-end engineering and design (FEED) through to a final investment decision. AGDC remains a 25 percent owner of 8 Star Alaska and a key partner to Glenfarne on the project.

Alaska LNG’s three subprojects are an 807-mile 42-inch pipeline, the 20 MTPA LNG export terminal in Nikiski, Alaska, and a North Slope-based carbon capture plant to remove and safely store 7 million tons of carbon dioxide annually.

In light of steadily declining gas production from Cook Inlet, which has historically been Alaska’s primary in-state natural gas basin, phase one of the project will kick off immediately, prioritizing the development and final investment decision of the pipeline infrastructure needed to deliver North Slope gas to Alaskans as rapidly as possible.

Following a successful final investment decision, the State of Alaska will retain a 25 percent share in 8 Star Alaska and have the option to invest up to 25 percent in any or all of the three 8 Star Alaska subprojects.