en.Wedoany.com Reported - US-based Glenfarne Group recently submitted a project update to the Alaska Senate Finance Committee, estimating the cost of the Alaska LNG project it leads at between $44.5 billion and $54.5 billion. The project will be developed in two financially independent phases, aiming to achieve an annual LNG export capacity of 20 million tons.

Last year, Glenfarne became the majority stakeholder in the project. Company President Adam Prestidge detailed the plans during his testimony. The first phase will involve constructing a pipeline approximately 739 miles (about 1,287 kilometers) long, with estimated costs ranging from $13.2 billion to $16.9 billion.

The second phase will build an LNG liquefaction terminal with an annual capacity of 20 million tons and a natural gas processing plant in Nikiski, with costs estimated between $31.3 billion and $37.6 billion. Among these, the construction cost of the LNG plant alone is estimated at $23.6 billion to $28.4 billion.

Addressing the high costs, Prestidge stated that these figures reflect the challenges of a project that has been in development for decades, but he believes the project is economically viable and underscores the need for tax arrangements to support its continued progress.

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