South Korea Commits $200 Billion to US Energy Projects
US President Donald Trump announced that South Korea has pledged to invest $200 billion in American energy projects. This includes funding for a liquefied natural gas venture in Alaska, which would transport gas from the North Slope to Asia via an 800-mile pipeline. The project's commercial viability will be assessed before South Korean investment is finalized.
The Trump administration has been pushing for increased energy cooperation with South Korea as part of their trade agreement. Under this deal, Seoul had pledged to invest $350 billion in the US and boost its procurement of American energy. The new funding commitment is a significant increase from the initial pledge.
South Korea's trade ministry stated that the projects will be carried out in a way that advances the national interest. President Lee Jae Myung noted that discussions over the projects had been challenging, but he did not provide further details. The nuclear power initiative to build eight large-scale reactors in the US also hinges on commercial viability.