Finance
Glenfarne finalizes 20-year LNG supply deal with South Korea's POSCO
Published by Global Banking and Finance Review
Posted on December 4, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 4, 2025
2 min readLast updated: January 20, 2026
Glenfarne's Alaska LNG unit finalizes a 20-year supply deal with POSCO International, marking a pivotal moment in LNG trade post-Ukraine crisis.
Dec 4 (Reuters) - Glenfarne's Alaska LNG unit said on Thursday it finalized an agreement to supply 1 million tonnes per annum of liquefied natural gas to South Korean trading firm POSCO International for 20 years from its planned export project.
This follows a preliminary agreement signed in September.
Global demand for the superchilled fuel has surged since Russia's invasion of Ukraine upended gas markets in 2022, driving buyers in Europe and Asia to lock in long-term supply deals with U.S. exporters.
Since becoming majority owner and lead developer in the Alaska LNG project in March, Glenfarne has secured preliminary commercial commitments with buyers in Japan, Korea, Taiwan and Thailand for 11 mtpa of LNG.
As part of the agreement, POSCO will also make a capital investment of an undisclosed amount in Alaska LNG before the final investment decision, and provide a significant portion of the steel for the 807-mile pressurized natural gas pipeline.
The LNG pipeline will link the state's North Slope gas reserves to Southcentral Alaska and its planned export terminal, with Glenfarne aiming for a final investment decision by the end of the year.
(Reporting by Pooja Menon in Bengaluru; Editing by Vijay Kishore)
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, making it easier to transport and store. It is primarily used for energy production and heating.
Infrastructure financing refers to the funding of projects that build or improve essential facilities and systems, such as transportation, energy, and utilities, often requiring significant capital investment.
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