As U.S. Energy Minister Chris Wright said he is discussing whether Korean corporations will take part in the Alaska liquefied natural gas (LNG) pipeline construction project he is pushing, related stocks were strong early on the 25th.
POSCO INTERNATIONAL shares were transacted at 50,900 won on the Kospi market at 9:24 a.m. on the 25th. The stock rose 4.52% (2,200 won) from the previous day.
POSCO INTERNATIONAL signed a preliminary contract with energy corporations Glenfarne to bring in Alaska LNG, among other steps, making it the first among Korean corporations to formalize a review of participating in the project.
Shares of steel pipe companies such as KBI Dongyang Steel Pipe, NEXTEEL, Husteel, and SeAH Steel are also uniformly strong.
Minister Wright held a press conference at the Foreign Press Center in New York, United States, on the 24th (local time) and said, "We are in discussions with multiple corporations, including Japanese corporations, Korean corporations, and Asian corporations, about participation in the project." He added, "The prospects for the Alaska LNG project look quite strong," and "I think this project should break ground within the next 12 months."
The Alaska LNG pipeline construction project centers on transporting natural gas extracted from the Prudhoe Bay gas field at the northern tip of Alaska via pipeline to an ice-free port near Anchorage, then liquefying it for export to Asia and elsewhere. Because pipelines must be laid over a stretch of more than 1,000 kilometers and liquefaction facilities must be built in Anchorage, the estimated initial capital alone to be投入 into the project amounts to $45 billion (about 64 trillion won).