$200 Billion Deal Brings South Korean Investment to US Energy Projects

US President Donald Trump announced a $200 billion package of investments from South Korea on Wednesday, including funding for a long-stalled liquefied natural gas project in Alaska. The proposed investment is part of a White House effort to highlight economic wins ahead of the midterms.

The announcement featured heavy praise for Senator Dan Sullivan (R-Alaska), who is fighting to win reelection this fall and attended the event at the White House announcing the funding. However, the South Korean government has only said that it is considering the Alaska project and has not confirmed that it approved funding.

According to the White House, the South Korean government will put money into US energy projects, including a natural gas power plant in Texas and eight nuclear power plants. The investment package includes $54 billion for the proposed Alaska LNG project, which would include an 800-mile pipeline to carry gas from the North Slope to an export terminal on the state's south coast.

Brendan Duval, CEO of Glenfarne, a New York and Texas-based developer in charge of the project, said at the White House event that the pipeline would be built within three years. However, the company has yet to finalize its commitment to build the project, and the cost is projected to have ballooned since its most recent public cost estimate of $44 billion.

The South Korean investment in the project could be a political boon for Sullivan, who is in a tight reelection race against former Democratic Rep. Mary Peltola. Trump touted Sullivan's campaign and influence in the Oval Office, crediting him for helping to bring the project together.