Korea Overhauls $200 Billion U.S. Investment Plan with Nuclear and LNG Projects

South Korea’s $200 billion U.S. investment plan underwent a significant overhaul just months before a closed-door briefing with lawmakers, according to ministry documents. Two of the original three projects were replaced with nuclear reactors and an Alaska liquefied natural gas (LNG) venture without undergoing the same feasibility reviews as the initial proposals. The changes were revealed by Rep. Choi Soo-jin of the opposition People Power Party, who obtained the documents.

The government had initially confirmed the Encinal gas-fired combined-cycle power plant in Texas as the first project during a National Assembly briefing on Sept. 22. The other two projects, however, were quietly swapped for nuclear reactors and the Alaska LNG development. Internal ministry records show that the feasibility review for the Texas project began in June, but the two undisclosed projects were ultimately dropped in favor of the new additions.

Critics argue that the government failed to adhere to transparency requirements under the Act on the Conclusion Procedure and Implementation of Commercial Treaties. Rep. Choi emphasized that major changes, such as the last-minute addition of the Alaska LNG project, were not reported to the National Assembly. The Industry Ministry defended its actions, stating that the projects had not reached the stage of a final investment decision.

U.S. President Trump later announced that South Korea would invest $54 billion in the Alaska LNG project, though Seoul’s Trade Ministry clarified that no final decision had been made regarding the investment amount or commitment. The project aims to transport natural gas from Alaska’s North Slope to the southern coast for liquefaction and shipment to Asian buyers.