According to a statement by Glenfarne’s unit Glenfarne Alaska LNG, the non-binding letter of intent clarifies key terms in negotiation for Glelnfarne’s supply of North Slope natural gas to Chugach.
Glenfarne said the two firms will continue negotiations aimed at securing “low-cost” energy for Alaskans.
Glenfarne, which became the majority owner of the Alaska LNG project last year, is developing Alaska LNG in two financially independent phases to accelerate project execution.
Phase One consists of a 739-mile (1,287 km) pipeline, while Phase Two of the project will add the LNG liquefaction terminal in Nikiski and related infrastructure to export 20 mtpa of LNG.
The company recently revealed that it expects both phases to cost up to $54.5 billion.
Glenfarne also signed a memorandum of understanding with labor unions that prioritizes hiring Alaska workers for construction and related work on the planned Alaska LNG project.
According to the firm, Alaska LNG is expected to create 12,000 construction jobs.
