Thailand’s PTT Signs 20-Year LNG Deal with Alaska’s Glenfarne
(Reuters) — Thai state-owned oil and gas giant PTT Group PTT.BK signed an agreement to procure 2 million metric tons of liquefied natural gas per annum from Glenfarne's Alaska LNG project over a 20-year term, Glenfarne said on June 23.
PTT said it was further studying the Alaska LNG project to expand its LNG business and enhance Thai energy security.
Thailand has been increasing its imports of LNG in recent years to cope with rising electricity demand and declining domestic gas production, and has expanded its import capacity.
Southeast Asia's second-largest economy plans to import more US LNG over the next five years, Thailand's Finance Minister Pichai Chunhavajira said earlier this year.
"With today's agreement and previously announced agreements, Alaska LNG has now reserved 50% of its available third-party LNG offtake capacity to investment grade counterparties," said Adam Prestidge, President of Glenfarne Alaska LNG. Glenfarne is the majority owner and lead developer of Alaska LNG.
The $44 billion project, championed by U.S. President Donald Trump, is expected to deliver about 3.5 billion cubic feet of gas per day, much of it for international markets, from the state's North Slope gas fields.
The project needs to build an 800-mile pipeline (1,300 km) to bring gas from Alaska's north to send it to customers in Asia, but no final investment decisions have yet been made.
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