$200 Billion Investment Program Hits Roadblock Over Alaska LNG Project

South Korea is launching its $200 billion strategic investment program in the United States, starting with a natural gas-fired power plant in Texas. The first project under this program is the Encinal project, where Seoul plans to invest $22.3 billion.

The second phase involves building eight nuclear reactors in the US, including two South Korean-designed APR1400 reactors and six Westinghouse AP1000 reactors.

However, a potential third project, the Alaska LNG development, is causing uncertainty. US President Donald Trump said that Washington and Seoul had agreed to begin work together on a $50 billion project. However, South Korea disputes this characterization, stating that only discussions have begun and no decision has been made on investment.

The joint statement between South Korea and the US on October 1 identified three projects under the investment program, but gave conflicting accounts of the Alaska LNG development. Seoul is reviewing Washington's project proposal and conducting an on-site assessment before deciding whether to invest and how much.