POSCO International Boosts Alaska LNG Stake Amid Project Delays

POSCO International has increased its stake in Glenfarne Alaska Partners to 3.5% from 1.17%, investing $35 million (approximately 48 billion won) in the Alaska liquefied natural gas project.

The project, led by U.S. energy developer Glenfarne, continues to face delays due to financing and LNG buyer issues. Despite securing long-term purchase rights for 1 million tons of LNG annually, Glenfarne still needs to contract an additional 3 million tons to reach the final investment decision (FID) milestone.

The Alaska state legislature's pending property tax deferral bill may also impact the project's timeline, with Glenfarne CEO Brendan Duval stating that FID could be made once the tax-related legislation is finalized.