State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement.
Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said.
The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km pipeline to transport natural gas from Alaska’s North Slope to a liquefaction facility.
Photo courtesy of CPC Corp, Taiwan
Once operational, the project would become the closest LNG supply source to Taiwan among the existing US facilities, the ministry said.
Moreover, without the need to pass through the Panama Canal, it could effectively shorten shipping time, reduce voyage risks and improve the reliability of the nation’s natural gas supply, the ministry added.
CPC president Michael Chang (張敏) and AGDC president Frank Richards signed the agreement at a ceremony in Taipei, which was witnessed by visiting Alaska Governor Mike Dunleavy and Minister of Economic Affairs J.W. Kuo (郭智輝).
The ministry said the investment agreement would help deepen the energy partnership between Taiwan and the US, and also lays a good foundation for the diversification of Taiwan’s energy supply.
Both parties are to start negotiations on procurement and investment details as soon as possible to achieve a mutually beneficial deal, it said.
The CPC-AGDC agreement came as representatives from AGDC and Glenfarne Group are visiting Asian nations this week to court investors for the Alaska LNG project, with Japan and South Korea said to also be potential targets.
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