Wedoany.com Report-Jun 25, On Monday, Thai state-owned PTT Group finalized a 20-year contract to acquire 2 million metric tons of liquefied natural gas (LNG) per year from Glenfarne’s Alaska LNG project. This agreement supports Thailand’s efforts to meet its energy demands.

The logo of Thai state-owned oil and gas company PTT Group is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada,

PTT is evaluating further participation in the Alaska LNG project to bolster its LNG business and secure Thailand’s energy supply. Thailand has increased LNG imports to address growing electricity needs and reduced domestic gas output, while enhancing its import facilities.

Thailand, the second-largest economy in Southeast Asia, aims to expand U.S. LNG imports over the next five years, as stated by Finance Minister Pichai Chunhavajira earlier this year.

Glenfarne, the primary developer of Alaska LNG, emphasized the deal’s importance. “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.

The $44 billion project plans to deliver 3.5 billion cubic feet of gas daily from Alaska’s North Slope, mainly for Asian markets. It requires an 800-mile (1,300 km) pipeline to transport gas. Final investment decisions are still pending.