Trump to unveil $54bn S Korea investment in Alaska gas project

NEW YORK: President Donald Trump is expected to announce on Wednesday major South Korean investments in US energy, including $54 billion towards a long‑discussed liquefied natural gas project in Alaska.

A White House press officer posted a Bloomberg story outlining the plan, which is timed to boost the re‑election prospects of Alaska Republican Senator Dan Sullivan.

The project, championed by Glenfarme Group, a New York and Houston‑based industrial project developer, envisions the construction of an 800‑mile pipeline to transport natural gas from the Alaska North Slope to a liquefaction facility near Anchorage, to prepare for export to Asia.

Alaska officials have considered such a project in the past, but have not moved ahead due to questions about project costs and consumer demand for the LNG.

While Alaska has decades of history as a petroleum producer, environmental concerns have historically constrained some developments.

But Trump administration officials such as Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who participated in a June "American Energy Dominance" summit in Anchorage, have largely brushed aside environmental concerns.

The state of Alaska holds a 25% stake in the LNG project, with Glenfarme owning the rest. The LNG project would not reach the market until 2030 even under the best‑case scenario.

In all, South Korea is expected to announce $200 billion in US investment at the Wednesday White House event, Bloomberg reported, citing people familiar with the matter.

The projects are part of a commitment by South Korea to invest $350 billion in the United States and boost its purchases of American energy as part of a July 2025 trade deal with Trump that set 15% tariffs on South Korean goods imported into the United States.

South Korea is also expected to invest in up to eight US nuclear plants, the Wall Street Journal reported earlier this month.

By RSS/AFP