Two US companies, Glenfarne Group and Polar LNG, are pursuing Donald Trump's vision of developing Alaska as a major liquefied natural gas (LNG) exporter, seeking up to $80bn in financing. Both firms are marketing their projects at the Gastech conference in Thailand, arguing that disruption to Middle East gas flows from the Iran war has increased Asian demand for shorter shipping routes.

However, the projects face significant hurdles. Glenfarne's $54.5bn Alaska LNG project, the more advanced of the two, was delayed after Alaska's legislature failed to pass tax breaks last month. CEO Brendan Duval confirmed Phase 1 construction of a 739-mile pipeline from the North Slope to Nikiski is stalled. The project requires binding offtake contracts for an additional 3mn tonnes of LNG before a final investment decision. Major producers Exxon Mobil, BP, and Conoco Phillips previously exited due to high costs and logistical challenges, including a $17bn pipeline estimate.

Despite Trump's heavy promotion to Asian leaders, investor support remains lukewarm. Only South Korea's Posco Group has made an equity investment. Japan and South Korea have not yet deployed capital from their $550bn and $350bn strategic investment frameworks agreed with the US. Analyst Alex Munton of Rapidan Energy Group noted the North Slope producers' rejection signals deep skepticism about the venture's economics.