POSCO to supply steel, trade 1 mil. tons of LNG annually in Alaska project

POSCO International, a trading unit of steel giant POSCO Group, has finalized its partnership with the United States Alaska liquefied natural gas (LNG) project, agreeing to supply steel for pipelines and import 1 million tons of LNG every year. POSCO International said Friday its CEO Lee Kye-in and Glenfarne CEO Brendan Duval signed definitive agreements finalizing the two sides’ strategic partnership on Alaska LNG during a ceremony in Washington on Dec. 1. Glenfarne is the lead developer of the $44 billion project to build a 1,299-kilometer-long pipeline for LNG export. As part of the agreement POSCO will supply “a significant portion of the steel” required for the 42-inch pressurized natural gas pipeline. The agreement also includes a 20-year Heads of Agreement (HOA) on supplying 1 million tons of LNG to POSCO International on a free-on-board basis, meaning the seller will cover the costs to the point LNG products are loaded onto a ship. The HOA establishes commercial terms for the sale of LNG to POSCO International, and is the first HOA signed for Alaska LNG. An HOA is usually aWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times