POSCO International Doubles Down on Alaska LNG Project Amid Delays
South Korean steelmaker POSCO International has increased its stake in the Alaska LNG project to 3.5% from 1.17%, investing $35 million to become a strategic partner, supplier of steel materials, and buyer of liquefied natural gas (LNG).
The project, led by U.S.-based Glenfarne, aims to export up to 20 million tons of LNG per year to Korea and other Asian markets. However, the final investment decision has been repeatedly delayed due to financing issues and a lack of long-term contracts.
Glenfarne CEO Brendan Duval said that once a tax-related bill is passed in the Alaska Legislature, the project can move forward with the final investment decision.
POSCO International's increased stake makes it the only foreign corporation participating in the project to also directly acquire equity. The company hopes to expand its LNG business in North America following previous investments in Myanmar and Australia.