The Alaska Gasline Development Corporation (AGDC) signed a memorandum of understanding with the Kogas, to cooperate on Alaska LNG project.
The cooperation between AGDC and South Korea’s liquefied natural gas importing giant would include project investment, development, operations and other arrangements.
Alaska LNG is aiming to develop the proven, conventional, natural gas resource on Alaska’s North Slope and transport it to the growing LNG markets in Asia.
“The MOU reached yesterday, between AGDC and Kogas, lays the groundwork for a significant relationship between the State of Alaska and the Republic of Korea,” said AGDC president Keith Meyer .
The MOU establishes a joint committee with decision-making authority and sets the framework for the two companies to collaborate on the potential of Kogas participating in all aspects of the development of Alaska LNG.
Specific areas addressed in the MOU include Korean investment in the project, Kogas cooperation on the engineering, procurement, and construction of the project components, and operations.
Meyer noted that the memorandum of understanding is not exclusive and that “AGDC is in discussions with other parties to ensure timely development of Alaska’s energy infrastructure and export project.”
The project liberates 35 trillion cubic feet (TCF) of proven natural gas resources stranded on the North Slope, while the liquefaction plant will be capable of processing 20 million tons of LNG per year for export.