Glenfarne Group entered into a purchase agreement to acquire 75% of the Alaska LNG project company in March 2025, with the Alaska Gasline Development Corporation (AGDC) holding the remaining 25%. Since then, Duval said at the conference, the project's financial and commercial underpinnings have come together across three areas that were previously unresolved: construction costs, gas supply, and offtake.
On construction costs, Glenfarne engaged engineering firm Worley to solicit bids from major contractors globally and in Alaska for both pipeline construction and pipe supply. Duval described those bids as now complete, saying the company understands what the pipeline costs to build and can confirm the project is economically viable. On gas supply, the project has secured precedent agreements with Conocophillips, ExxonMobil, HilCorp, and Pantheon covering enough North Slope gas to support a final investment decision. Those agreements are currently being converted from term sheets into long-form contracts.
Offtake Commitments Cover All 16 Million Tons of Contracted Capacity
The project is designed to produce 20 million tons of LNG annually. Glenfarne plans to finance it against 20-year contracts covering roughly 80% of that volume, or approximately 16 million tons. Duval stated at the conference that the company now knows where every one of those tons is going. Publicly announced commitments include 6 million tons to Taiwan, 2 million tons to Thailand, 2 million tons to Japan through Jera and Tokyo Gas, 1 million ton to South Korea through POSCO International, and 2 million tons to TotalEnergies of France. Glenfarne itself will take 1 million ton, and one additional customer with fully negotiated pricing terms has not yet been publicly named.
Duval noted that all of those letters of intent and reservation agreements were executed before the Strait of Hormuz supply disruptions that have since increased buyer urgency. He said boards of directors and energy ministries in Asia are now accelerating their internal approval processes to convert reservation agreements into binding long-term contracts, shortening a negotiation cycle that historically drags.
Two Conditions Remain Before a Final Investment Decision
Duval identified two pending conditions blocking a final investment decision. The first is a tax stabilization arrangement being negotiated in the Alaska state legislature in Juneau. The second is approval by the Regulatory Commission of Alaska (RCA) of a gas supply agreement between Glenfarne and Enstar Natural Gas, the local utility serving Southcentral Alaska. Duval said the Enstar agreement addresses the state's immediate domestic gas supply problem by offering Cook Inlet customers North Slope gas at rates more favorable than imported LNG, with certainty of supply for 30 to 40 years. Once those two conditions are met, Glenfarne intends to move into a 90 to 120-day documentation period with its lenders and investors and announce a final investment decision as soon as possible.
The project's construction timeline targets equipment on the North Slope right of way in the first quarter of 2027, with construction seasons running through 2027 and 2028 and commissioning in 2029. Pipeline gas delivery to Alaska domestic customers would begin late 2029. The export terminal financing is structured as a separate phase, roughly one year behind the pipeline construction schedule.
The conference also produced a memorandum of understanding between Alaska and POSCO International covering six development projects in the state, and a separate agreement between the State of Alaska and the University of Alaska Fairbanks with the National Laboratory of the Rockies on critical minerals development and Arctic infrastructure. Interior Secretary Doug Burgum appeared at the conference and described Alaska as a linchpin of American energy dominance, citing the state's strategic location and resource base as instruments of geopolitical influence.
