Mayer Brown advises POSCO International on its equity investment in the Alaska LNG project

Singapore – Mayer Brown has advised POSCO International in connection with its equity investment in the US$45 billion Alaska LNG project in the United States, the only federally authorized LNG export project on the US Pacific Coast.

Alaska LNG is a joint venture between Glenfarne, majority owner and lead developer of the Alaska LNG Project, and the state-owned Alaska Gasline Development Corporation.

As part of the investment, Glenfarne entered into an agreement with POSCO International to supply 1,000,000 tons per year of LNG from the Alaska LNG project for 20 years. The deal also includes terms for POSCO to supply steel for Alaska LNG’s gas pipeline, which will connect the North Slope gas reserves to South-central Alaska and the export terminal.

The transaction marks the commencement of a strategic partnership between Glenfarne and POSCO International as the first Korean company focused on promoting the development and implementation of the Alaska LNG project.

Mayer Brown’s role included advising POSCO International on transaction structuring, drafting and negotiating the full suite of documents including the equity investment agreements, LNG sale and purchase heads of agreement, and steel supply agreement.

Nick Kouvaritakis, global co-head of our Global Energy practice and global head of LNG, commented: “We are honored to have had the opportunity to support POSCO International on this strategic investment in the US. We look forward to continuing to support our clients on their projects and investments in North America. We are also delighted to be able to support our South Korean clients on their growth.”

The Mayer Brown Global Energy team was led by partners Nick Kouvaritakis and Michael Kim, with support from partners Gabriel Salinas, Jeff Dobbs, Nick Kendrick, Sean Prior, Chad Richards, Timothy Keeler, Mickey Leibner, Tamer Soliman, Jacqueline Vallette, and Oral Pottinger, counsels Federica Castro, Andrew Heather, Gretel Echarte Morales, Roger Patrick, and associates Hudson Peavy, Kseniia Kolontai, Claire Choi, and Ling Ern Seow.