Decades of false starts and nearly two years of behind-the-scenes commercial maneuvering seem to be bearing fruit, as a giant liquefied natural gas (LNG) project in Alaska is one step closer to putting shovels in the ground following a newly disclosed $50 billion capital commitment from South Korean partners to fast-track the North Slope gas pipeline.
Glenfarne Alaska LNG, a subsidiary of Glenfarne Group, has welcomed President Donald J. Trump’s announcement of a $50 billion-plus investment from South Korea for the Alaska LNG project, as it enables the long-sought development to clear a major hurdle, pushing the multibillion-dollar pipeline and export facility to the brink of construction.
Brendan Duval, CEO and Founder of Glenfarne, who joined President Trump in the Oval Office for the announcement, commented: “We came to Alaska to build this project, and every decision we make starts with what will move us closer to delivering affordable, reliable gas and long-term economic benefits for Alaskans.
“Today’s announcement brings together the capital needed to accelerate Alaska LNG to a final investment decision and construction. We are ready to deliver on the opportunity Alaska LNG represents for Alaska and the United States.”
This investment represents a major financing milestone for Alaska LNG, providing the foundation to advance the project toward final investment decision (FID) and construction. Glenfarne will work with the U.S. and Korean governments to finalize the investment structure and complete the remaining steps required to reach FID.
This financial achievement builds on 18 months of work the firm has done to advance the project since becoming lead developer in March 2025, which saw the firm secure agreements spanning LNG sales, North Slope gas supply, domestic Alaska gas supply, labor, engineering, pipeline construction, equipment and materials, and strategic investment and partnerships.
As a result, commercial agreements now represent 13 million tonnes per annum (mtpa) of the 16 million tonnes per annum Glenfarne is targeting to support final investment decision. Alaska LNG consists of an 807-mile, 42-inch pipeline to deliver natural gas from Alaska’s North Slope to meet the country’s domestic needs, a North Slope gas treatment plant, and a 20 mtpa LNG terminal in Nikiski, Alaska.
Adam Prestidge, President of Glenfarne Alaska LNG, commented: “For Alaskans, this is about getting to the point where we can put people to work and start building. Glenfarne has spent the past 18 months building the commercial, engineering, workforce and construction foundation for this project.
“This investment gives us the scale of capital needed, and we will keep working to make sure Alaska captures the jobs, economic opportunity and long-term value this project can create.”
Glenfarne owns 75% of Alaska LNG and the State of Alaska, through the Alaska Gasline Development Corporation, holds the remaining 25%.