POSCO Forms Strategic Alliance with Glenfarne
(MENAFN) POSCO has entered into a strategic collaboration with Glenfarne Alaska LNG to advance Alaska’s liquefied natural gas (LNG) venture, becoming the first South Korean firm to officially participate in the prominent US energy project endorsed by US President Donald Trump, Glenfarne declared on Thursday.
The agreement, finalized during the current Gastech conference in Milan, Italy, designated POSCO, a major gas importer in South Korea, as a partner alongside Glenfarne, the primary private developer of the project.
The ultimate approval is pending authorization from the boards of both corporations.
The contract specifies that POSCO will provide a significant portion of the steel required for an 807-mile (almost 1,300-kilometer) high-pressure pipeline connecting south-central Alaska to an LNG export facility located in the southern region of the state.
Furthermore, POSCO agreed to a 20-year heads of agreement to buy 1 million tons of LNG annually on a free-on-board basis, marking the first such contract for Alaskan LNG, according to Glenfarne.
The Alaska LNG project, supported by the Trump administration, aims to attract investments from Asian countries such as South Korea and Japan to export gas from Alaska to the Asian market.
In July, South Korea also committed to purchasing $100 billion worth of energy commodities from the US.
This was part of a larger $350 billion investment deal designed to secure Washington’s consent to reduce tariffs on South Korean imports from 25% to 15%.
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