Glenfarne Group, LLC welcomed President Donald J. Trump's announcement of a $50 billion-plus South Korean investment in Alaska LNG, marking a major financing milestone that advances the project toward a final investment decision (FID) and construction.

Glenfarne CEO and Founder Brendan Duval joined Trump in the Oval Office for the announcement. The investment provides the foundation to advance Alaska LNG toward FID, with Glenfarne set to work with the U.S. and Korean governments to finalize the investment structure and complete the remaining steps required to reach that decision.

Commercial progress and project scale

The announcement builds on 18 months of work by Glenfarne to advance Alaska LNG. Since becoming lead developer in March 2025, Glenfarne has secured agreements spanning LNG sales, North Slope gas supply, domestic Alaska gas supply, labor, engineering, pipeline construction, equipment and materials, and strategic investment and partnerships. The following table summarizes the project's key commercial and infrastructure parameters:

The Alaska LNG project consists of an 807-mile, 42-inch pipeline to deliver natural gas from Alaska's North Slope, a North Slope gas treatment plant, and a 20 MTPA LNG terminal in Nikiski, Alaska. The State of Alaska, through the Alaska Gasline Development Corporation, holds a 25% stake in the project.

Leadership statements

"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," said Duval. "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."

Adam Prestidge, President of Glenfarne Alaska LNG, added: "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."

About Glenfarne Group

Glenfarne Group is a privately held global developer, owner, and operator of energy infrastructure assets. Through its subsidiaries, Glenfarne owns and operates 60 energy assets across three core businesses: Global LNG Solutions, Grid Stability, and Renewables. Glenfarne's permitted North American LNG portfolio totals 34 MTPA of capacity under development in Alaska, Louisiana, and Texas.

Alaska's Building Trades and 8 Star Alaska, a subsidiary of Glenfarne Alaska LNG, have signed a Memorandum of Understanding prioritizing the hiring of Alaska workers for the Alaska LNG Project. The agreement aims to secure a local workforce for one of the largest energy infrastructure projects in the state's history, which is expected to create 12,000 construction jobs. The project also anticipates generating up to 1,000 long-term positions in operations.

The MOU was signed on June 11 at the Alaska Laborers Training School in Chugiak, AK. Signatories included the presidents of the Building and Construction Trades Council of Southcentral Alaska, the Fairbanks Building and Construction Trades Council, the Alaska Petroleum Joint Crafts Council, and 8 Star Alaska. These councils represent 18 separate unions affiliated with the Alaska AFL-CIO, which encompasses 50,000 workers.

Project Labor Agreement Framework

The agreement establishes a framework to negotiate Project Labor Agreements (PLAs) for major construction activities. These PLAs will address labor stability, workforce availability, and collaboration between the Building Trades and project contractors throughout development and construction. The MOU covers Phase One camp construction, operations, and logistics, as well as Phase Two facilities including LNG export infrastructure, gas treatment facilities, and compressor stations.

Pipeline installation and construction activities, including right-of-way work and mainline pipeline construction, are anticipated to be governed by a separate PLA currently under development with pipeline construction trades.

Economic Impact and Workforce

The Alaska LNG project consists of an 807-mile, 42-inch pipeline designed to deliver natural gas from the North Slope to meet domestic needs and produce 20 MTPA of LNG for export. Glenfarne is developing the project in two financially independent phases. Glenfarne owns 75% of the project, while the State of Alaska, through the Alaska Gasline Development Corporation, owns 25%.

Stakeholder Perspectives

Bronson Frye, President of the Building and Construction Trades Council of Southcentral Alaska, emphasized the capacity of local unions to handle the project's challenges, including staffing across 800 miles and working in extreme conditions. Fairbanks Building and Construction Trades Council President Lake Williams highlighted PLAs as a critical tool for ensuring a reliable, trained workforce and predictable labor costs.

Rex Canon, Co-President of 8 Star Alaska, stated that the support of Alaska's union workforce is critical for the project's success. He affirmed the commitment to using a highly skilled Alaska workforce as the primary source of construction labor.