Today, Glenfarne Alaska LNG, LLC, an affiliate of Glenfarne Group, LLC (collectively “Glenfarne”), and the Alaska Gasline Development Corporation (“AGDC”) signed definitive agreements for Glenfarne to become the majority owner of Alaska LNG, the only federally permitted LNG export project on the U.S. Pacific Coast. Glenfarne will lead the project’s development through construction and operations. Alaska LNG is designed to supply North Slope natural gas to Alaskans and utilities while exporting up to 20 million tonnes per annum (MTPA) of LNG.
Under the agreement, AGDC is divesting 75% of 8 Star Alaska, a subsidiary created to manage all Alaska LNG project assets, to Glenfarne. Glenfarne will take over as the lead developer, overseeing all remaining development phases from front-end engineering and design (FEED) through final investment decision (FID). AGDC will retain a 25% stake in 8 Star Alaska and continue as a key partner in the project.
Alaska LNG consists of three major components: an 807-mile, 42-inch pipeline; a 20 MTPA LNG export terminal in Nikiski, Alaska; and a North Slope-based carbon capture facility designed to store 7 million tons of CO2 annually.
With natural gas production declining in Cook Inlet, historically Alaska’s primary in-state natural gas basin, the project’s first phase will prioritize the pipeline infrastructure needed to deliver North Slope gas to Alaskans as soon 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 of the three subprojects.
Leadership Statements
Alaska Governor Mike Dunleavy stated: “Today marks a historic milestone for Alaska. Nearly 57 years after oil was discovered in Prudhoe Bay, Alaskans remain committed to harnessing our North Slope natural gas. With Glenfarne’s leadership, Alaska LNG will strengthen America’s geostrategic position in the North Pacific, ensure energy security for our residents and businesses, and unlock billions in economic benefits both domestically and abroad.”
Brendan Duval, CEO and Founder of Glenfarne, added: “Glenfarne’s expertise in finance, project management, and commercial operations positions us well to lead this critical project. Alaska LNG will bring essential energy security and cost savings to Alaskans while giving us unparalleled flexibility to serve both Asian and European LNG markets. We are already assembling our Alaska team and look forward to partnering with local communities.”
AGDC President Frank Richards commented: “I am incredibly proud of the AGDC team, which has worked tirelessly for over a decade to bring Alaska LNG to this point. Thanks to their dedication, this project has navigated design and permitting challenges to attract a world-class developer. Alaska LNG will shape a brighter future for generations of Alaskans, and we look forward to working with Glenfarne as they lead the next phase.”
Project Background & Glenfarne’s LNG Expertise
AGDC and Glenfarne signed a letter of intent in June 2024, followed by an exclusive term sheet in December 2024, leading to today’s binding agreement. Glenfarne also owns Texas LNG, which has secured full capacity commitments and engaged Kiewit as its EPC contractor, with an FID expected later this year. Additionally, Glenfarne’s affiliates operate as the largest LNG importers in Colombia and own Magnolia LNG, a late-stage LNG export project in Lake Charles, Louisiana. Glenfarne’s global LNG portfolio, including Alaska LNG, totals 32.8 MTPA of permitted capacity.
About Glenfarne Group, LLC
Glenfarne Group is a privately held developer, owner, and operator of energy infrastructure assets headquartered in New York, NY, and Houston, TX, with offices in Dallas, TX; Panama City, Panama; Santiago, Chile; Bogotá, Colombia; Barcelona, Spain; and Seoul, South Korea. Through its subsidiaries, Glenfarne operates 50 energy infrastructure assets across three core sectors: Global LNG Solutions, Grid Stability, and Renewables. Learn more at www.glenfarne.com.
About AGDC
The Alaska Gasline Development Corporation (AGDC) is an independent public corporation of the State of Alaska, tasked with maximizing the benefits of Alaska’s North Slope natural gas through infrastructure development for local and international markets. More information about the Alaska LNG Project is available at https://alaska-lng.com. Additional details about AGDC can be found at https://agdc.us.