South Korea Commits $200B to US Energy Projects, Including Alaska LNG
US President Donald Trump announced on September 28 that South Korea will invest $200 billion in US energy projects, including a major development in Alaska. The funds are part of a broader trade agreement reached last year, under which South Korea committed to investing $350 billion in US projects in exchange for a 15% tariff rate on their goods.
The Alaska project, known as the Alaska LNG development, would involve moving North Slope gas through an approximately 800-mile pipeline to a Southcentral liquefaction and export facility. The project is estimated to create about 12,000 construction jobs and up to 1,000 long-term operations jobs.
According to Trump, the project will deliver nearly 4 billion cubic feet of liquefied natural gas per day and save Alaska households as much as $2,220 annually on energy costs. Commerce Secretary Howard Lutnick said South Korea would invest 'just under $200 billion in America, in energy infrastructure, to strengthen American energy dominance.'