Trump unveils $200bn South Korean investment in US energy, led by $54bn Alaska LNG
President Donald Trump announced that South Korea will invest up to $200 billion in US projects, headlined by a $54 billion commitment to the long-delayed Alaska LNG pipeline, though Seoul cautioned the pipeline still needs to pass commercial viability reviews.
WASHINGTON — President Donald Trump announced on Wednesday that South Korea will invest up to $200 billion in US projects, including $54 billion for the long-planned Alaska LNG pipeline. They are the first projects under a $350 billion package agreed last year, in return for Washington cutting tariffs on Korean goods from 25 to 15 percent.
“Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion,” Trump said from the Oval Office.
Commerce Secretary Howard Lutnick gave the breakdown: about $120 billion for eight large-scale nuclear reactors, around $22 billion for a 6-gigawatt gas-fired power plant in Texas, and more than $50 billion for Alaska LNG. The reactors would be built in states including Ohio, Tennessee, South Carolina and Kentucky.
The Alaska LNG project would include an 807-mile pipeline from the North Slope to a liquefaction facility on Alaska’s southern coast, moving about 3.9 billion cubic feet of natural gas per day and producing up to 20 million metric tons of LNG annually, the White House said.
Seoul struck a cautious note: the pipeline goes forward only if certain commercial and legal conditions are met, and projects must pass commercial viability reviews, with investment capped at $20 billion a year and $200 billion overall. Seoul confirmed the $22.3 billion Encinal gas power project in Texas, while the eight reactors remain subject to negotiation.
The announcement was attended by Alaska Gov. Mike Dunleavy, Sen. Dan Sullivan and Rep. Nick Begich. Sullivan faces a competitive reelection race against Democrat Mary Peltola.
The investment drive is the latest in a series of economic deals Trump is highlighting ahead of November’s midterm elections, amid voter concerns over the Iran war and high gasoline prices. White House spokeswoman Taylor Rogers said the investments would “unleash American energy, unlock Alaska’s extraordinary resource potential, and accelerate America’s nuclear energy renaissance.”
Sources
- Reuters (via 101 WIXX): Trump unveils $200 billion South Korean investment in US; Seoul hedges on Alaska pipeline
- The Hindu: Trump to unveil $200 billion investment in U.S. projects by South Korea, White House says
- The Korea Times: Trump to unveil $200 billion investment in US projects by S. Korea, White House says
- Aju Press: Trump confirms Korea-backed U.S. projects including Alaska LNG
- Seoul Economic Daily: Trump Puts Alaska LNG at Front of Korea’s U.S. Investment Package
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