Glenfarne to lead Alaska LNG project with 75% acquired interest

Glenfarne Alaska LNG LLC, an affiliate of Glenfarne Group LLC, will become the majority owner of the Alaska LNG export project, the sole federally permitted LNG export project on the US Pacific Coast (OGJ Online, Apr. 14, 2023). 

Through a definitive agreement struck with Alaska Gasline Development Corp. (AGDC), an independent, public corporation of the State of Alaska, Glenfarne will acquire a 75% stake in 8 Star Alaska, a subsidiary AGDC created to hold and manage all Alaska LNG project assets. AGDC will retain a 25% interest.

Alaska LNG subprojects are an 807-mile, 42-in. OD pipeline, the 20 million tonnes/year (tpy) LNG export plant in Nikiski, Ala., and a North Slope-based carbon capture plant to remove and store 7 million tpy of CO₂.

Glenfarne will assume 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 (FID) and lead its development to construction and operations.

Phase one of the project will begin immediately, Glenfarne said, prioritizing the development and FID of the pipeline infrastructure needed to deliver North Slope gas to Alaskans “as quickly as possible.”

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 or all of the three 8 Star Alaska subprojects.

AGDC and Glenfarne executed a letter of intent in June 2024 and an exclusive term sheet in December 2024 ahead of the Mar. 26 binding agreement. 

Together with Alaska LNG, Glenfarne’s permitted LNG portfolio totals 32.8 million tpy of capacity under development.