Taiwan’s CPC Corporation Signed Letter of Intent to Buy Alaskan Natural Gas

SEATTLE (Oil Monster): The U.S. state of Alaska has agreed to sell liquefied natural gas (LNG) to Taiwan's state-owned energy giant CPC Corporation.

The news coincides with Alaska Governor Mike Dunleavy's trip to Taiwan to solicit funding for the natural gas pipeline project in Alasaka. Dunleavy encouraged Taiwanese companies and legislators to look into funding possibilities for the Alaskan natural gas pipeline project.

To ensure a steady future energy supply for Taiwan, CPC will purchase LNG and negotiate upstream investment participation rights under the provisions of the deal inked with the state-run Alaska Gasline Development Corporation (AGDC). Taiwan's Ministry of Economic Affairs declared last month that the CPC was interested in Alaskan LNG.

Taiwan's energy demands are mostly met by imports from other nations. Nearly 38% of imports come from Australia, while 25% are from Qatar, according to official figures. In contrast, less than 10% of LNG is imported from the United States. Through Alaska, Taiwan hopes to diversify its LNG supply from the United States.

Coincidentally, the Philippines, Japan, and South Korea have also shown interest in Alaskan natural gas.