Alaska’s Glenfarne Group, LLC, has confirmed its affiliate Glenfarne Alaska LNG’s position as the lead developer for the Alaska LNG project. The company has signed definitive agreements with the Alaska Gasline Development Corporation (AGDC) on March 28.

Glenfarne will hold 75% of 8 Star Alaska- an AGDC subsidiary that manages all Alaska LNG project assets. AGDC will retain a 25% ownership and remain a crucial partner. This will position Glenfarne to spearhead the remaining development phases, from front-end engineering and design (FEED) to a final investment decision (FID), targeted for 2025.

The Alaska LNG project includes three key subprojects: an 807-mile, 42-inch pipeline, a 20 million tonne per year (MTPA) LNG export terminal in Nikiski, Alaska, and a North Slope-based carbon capture plant designed to remove and store seven million tons of carbon dioxide annually.

Gas production from Alaska’s primary in-state gas basin, Cook Inlet, has steadily declined in the recent years. To offset this supply demand imbalance, first phase of the project – development and final investment decision- will kick off immediately.

Alaska Governor Mike Dunleavy hailed the agreement as a "historic day for Alaska," and said, “Oil was discovered in Prudhoe Bay almost exactly 57 years ago and since then Alaskans have never given up on finding a way to also benefit from our North Slope natural gas. Alaska has made a significant investment to develop Alaska LNG to the point where we can engage Glenfarne, a well-qualified industry leader, to bring this great project to the finish line.”

Glenfarne Chief Executive Officer and Founder Brendan Duval said, “Glenfarne’s financial, project management, and commercial expertise is well matched to lead this vital project forward. Alaska LNG will provide desperately needed energy security and natural gas cost savings for Alaskans and give Glenfarne unmatched flexibility to simultaneously serve LNG markets in both Asia and Europe through our three LNG projects.”

This agreement follows a letter of intent signed in June 2024 and an exclusive term sheet in December 2024. Glenfarne's existing LNG portfolio includes Texas LNG, which has recently secured full capacity sales and brought Kiewit on board as its EPC contractor, and Magnolia LNG, a late-stage export project in Louisiana. Glenfarne also has significant energy sector assets across five countries. With the addition of Alaska LNG, Glenfarne's permitted LNG portfolio under development totals 32.8 MTPA.