Alaska plans to jump-start a $45B natural gas export project by pitching in more than 10% of the cost and joining Exxon Mobil (XOM), BP, ConocoPhillips (COP) and TransCanada (TRP) as an equity partner.
The agreement between the state and the four companies outlines a framework in which Alaska would take as much as a 25% stake in a proposed gas processing plant, an 800-mile pipeline from the North Slope and a liquefaction facility in the Kenai Peninsula.
The state would pay as much as $5.75B for its share of the $23B liquefaction facility, which would be capable of shipping 18M metric tons/year of liquefied natural gas; the producers would pay the remaining portion of the $45B total project cost.
Alaska Gov. Parnell has asked the state's legislature to approve the deal and give state agencies the ability to negotiate shipping and leasing arrangements.