VVOOLLUUMMEE1 2| I|SI S US UE E2 2| S| US PMRMI NE GR 2 0 2 54 www.AKRDC.org 17 any or all of the three 8 Star Alaska subprojects.” Alaska Gov. Mike Dunleavy was enthusiastic about the agreement. He recently was in Asia with AGDC and Glenfarne officials to meet with government and business leaders. “Today (March 27) is a historic day for Alaska,” the governor 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. Alaska LNG will strengthen the U.S. geostrategic position in the North Pacific, provide vital energy security for our residents, our military bases, our businesses, and our Asian allies, and unlock billions in economic benefit at home and abroad.” Duval echoed the governor’s statements. “Glenfarne’s financial, project management and commercial expertise is well matched to lead this vital project forward,” he said. “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." Glenfarne strongly believes in the benefit of partnering with the communities where we work, and we are already building our Alaska team to bring Alaska LNG to life.” AGDC President Frank Richards said: “I’m incredibly proud of the ADGC team that has worked over the past 11 years to develop Alaska LNG. Through persistence, hard work, and determination, Alaska LNG has successfully advanced through the design and permitting gauntlet to ignite global market momentum and attract a world-class developer.” AGDC and Glenfarne executed a letter of intent in June 2024 and an exclusive term sheet in December in advance of the March 27 binding agreement. Glenfarne is the owner of Texas LNG, which recently announced that its capacity is fully sold out and that Kiewit has joined the project as its EPC contractor. A final investment decision in Texas LNG will come later this year. Glenfarne’s affiliate is also the largest importer of LNG into Colombia and owns Magnolia LNG, a late-stage LNG export project located in Lake Charles, La. Beyond LNG, Glenfarne owns 50 operating assets in the energy sector across five countries. Together with Alaska LNG, Glenfarne’s permitted LNG portfolio totals 32.8 million tons per year of LNG capacity under development, Duval said. Alaska LNG consists of 20 million tons per year of that expected capacity.
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