The State of Alaska has signed a memorandum of understanding with POSCO International to explore a series of energy, infrastructure, and critical minerals projects across the state, expanding economic cooperation between Alaska and South Korea.
The agreement was announced by Mike Dunleavy, Alaska’s governor since 2018, who has positioned resource development, energy infrastructure, and foreign investment as central priorities of the state’s economic strategy. Dunleavy has actively promoted Alaska as a gateway for energy exports to Asian markets, particularly through large-scale LNG and critical minerals projects.
“Alaska is open for business, and this agreement reflects the world-class investment opportunities our state offers,” Dunleavy said. “POSCO International is a global leader, and their interest in Alaska validates what we have long known – our resources, our geography, and our people position us for extraordinary economic growth.”
The agreement comes as the annual Alaska Sustainable Energy Conference opens in Anchorage and follows POSCO International’s growing involvement in Alaska’s energy sector through its partnership with Glenfarne Alaska LNG.
Finalized in December, the Glenfarne-POSCO partnership includes a 20-year agreement for 1 million metric tons of liquefied natural gas annually, a pre-final investment decision capital commitment in the Alaska LNG project, and plans for POSCO steel to support construction of the proposed 807-mile pipeline connecting Alaska’s North Slope to Southcentral Alaska and export markets.
The new memorandum provides a two-year framework for the state and POSCO International to exchange information and negotiate potential agreements related to six proposed projects.
Among the developments under consideration is the Mount Augustine Geothermal Energy Project, which would explore geothermal resources from Augustine Island in lower Cook Inlet. A related Mount Augustine Green Methanol Project would use geothermal energy to produce green methanol as an alternative fuel source.
The agreement also includes plans for a sustainable aviation fuel refinery at Point MacKenzie near the Port MacKenzie industrial corridor in the Matanuska-Susitna Borough. Additional projects include expansion of terminal infrastructure at Port MacKenzie and the long-discussed Knik Arm Crossing and Expressway linking Anchorage with the Mat-Su Valley.
The Bokan-Dotson Ridge Rare Earth Project on Prince of Wales Island is also part of the agreement. The site is considered one of the most significant rare earth deposits in the United States and could support growing demand for critical minerals used in clean energy technologies, semiconductors, and defense applications.
“This MOU marks an important step in building a long-term, strategic partnership between the State of Alaska and POSCO International,” said Lee Kye-in. “Alaska’s abundant resources, strategic location, and strong development potential are closely aligned with our global capabilities in energy, infrastructure, and critical minerals.”
POSCO International said the partnership could help strengthen supply chains and support sustainable economic growth while expanding investment opportunities in Alaska’s energy and industrial sectors.
