Alaska Seeks South Korean Investors for Its $44-Billion LNG Project | OilPrice.com
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Breaking News:
On Tuesday, Alaska Governor Mike Dunleavy discussed the Alaska LNG project and other potential energy and trade cooperation with South Korean Industry Minister Ahn Duk-geun, as the U.S. Administration is looking to attract Asian investors in the $44-billion Alaska LNG export project.
Dunleavy and other Alaska state representatives and energy officials have been touring America’s north Asian allies Japan, Taiwan, and South Korea to pitch the benefits of Alaska’s LNG for Asian markets.
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State firm Alaska Gasline Development Corporation (AGDC) seeks to advance the Alaska LNG project, designed to deliver North Slope natural gas to Alaskans and export LNG to U.S. allies across the Pacific.
The project is strongly supported by the Trump Administration, which has been also pressing Japan and South Korea to buy more LNG as a way to reduce America’s trade deficit with its Asian allies.
Earlier this month, Governor Dunleavy said that Alaska LNG could begin exports by 2030.
Last week, Taiwan’s state-held oil and gas company CPC Corporation signed a letter of intent to invest in the Alaska LNG export project and buy LNG from it, as part of a move to bolster its gas supply and energy security. The preliminary deal was signed between CPC and Alaska Gasline Development Corporation (AGDC) in the presence of Alaska Governor Dunleavy.
If built, Alaska LNG would be Taiwan’s closest LNG supply source among all U.S. LNG export facilities. The fuel from Alaska LNG wouldn’t need to pass through the Panama Canal, which will effectively shorten shipping time, reduce voyage risks, and improve the reliability of Taiwan’s natural gas supply, the Taiwanese Ministry of Economic Affairs said last week.
Despite the signals that Asian partners are willing to discuss potential participation in Alaska LNG, Japanese companies are concerned that the costs may be too high considering the cold weather in Alaska and the scale of the pipelines needed to bring the project on stream.
By Tsvetana Paraskova for Oilprice.com
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