Korea's US Investment Plan Gains Momentum with Texas Gas Project

Korea's planned $350 billion U.S. investment is gaining momentum as the two countries finalize details for several major projects, including a Texas gas project and eight nuclear reactors.

The Texas gas project, estimated at $22.3 billion, is seen as the first step in Korea's ambitious investment plan, which also includes participation in an Alaska LNG pipeline project valued at roughly $200 billion if pursued.

Seoul's Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick met in Washington to discuss the progress made so far, with officials expecting to finalize details on September 18.

The investment agreement was reached last October as part of a deal that kept Korea's flat tariff at 15 percent instead of the threatened hike to 25 percent.