Alaska state likely to take over Alaska LNG project

As ExxonMobil, BP and ConocoPhillips in recent months have signaled they may not all continue with the $55 billion project amid the global slump in the price of oil and liquefied natural gas, the Alaska state gas line corporation on Thursday laid out a timeline for taking over the massive Alaska LNG project by year's end, the Alaska local media outlets reported. A state office is expected to be based in Houston.

Now, the state is developing in conjunction with the oil majors a plan to transfer leadership of the project to Alaska, said Keith Meyer, president of the Alaska Gasline Development Corp., representing the Alaska's interest in the project.