Trump to unveil US$54b South Korea investment in Alaska gas project

NEW YORK, United States (AFP) — President Donald Trump is expected to announce Wednesday major South Korean investments in United States (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 reelection 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 towards 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 per cent stake in the LNG project, with Glenfarne owning the rest. 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, reported Bloomberg, 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 per cent tariffs on South Korean goods to 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.