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He says bringing the federal government on to the project could “dramatically lower the cost of capital.”
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PTT Public Company Limited signed an agreement for “strategic participation” in the project. If the agreement evolves into a binding contract, the company would be on the hook for 2 million tonnes of LNG per year for 20 years.
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Glenfarne’s founder and CEO says he’s taking the project one step at a time.
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That’s as the board of the state-run Alaska Gasline Development Corp. gave its president permission to sign an agreement with Houston- and New York-based pipeline developer Glenfarne to shepherd the $44 billion Alaska LNG Project to a final investment decision.
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Taiwanese President Lai Ching-te said Alaska gas is conveniently located and a source of high-quality natural gas.
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Different versions of the Alaska LNG project have been discussed in Alaska for decades, and there are longstanding questions about how it would pencil out.
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Frank Richards is the president of the Alaska Gasline Development Corporation. The state agency is spearheading work on the $44 billion project, which would move natural gas from the North Slope through an 800-mile pipeline to Nikiski.
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It isn’t the first time the U.S. has announced project progress through an agreement with another country.
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AGDC won’t release the name of the company until a final agreement is reached.
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The money will act as a sort of insurance policy for whichever company might take on the work.