Glenfarne Group, lead developer of the Alaska LNG project, welcomed an announced investment commitment of more than $50 billion from South Korean and U.S. partners. The commitment is a major financial milestone intended to move the multi-billion-dollar energy export project toward a final investment decision (FID) and construction.
The project includes an 807-mile pipeline to carry natural gas from Alaska’s North Slope to a liquefaction plant in the southern part of the state. The gas would be exported to Asian markets.
The funding is part of a broader U.S.-South Korea trade and investment agreement. The announcement marks progress on a project that has faced delays for decades. However, some reports say South Korean officials still consider the plan under review, pending confirmation of its commercial viability.