South Korea Invests $54 Billion in Alaska LNG Project
The long-stalled Alaska LNG project is set to receive a major boost from South Korea's $54 billion investment package, announced by President Donald Trump in the Oval Office. The deal includes roughly $200 billion in U.S. strategic investments as part of last year's trade agreement with South Korea.
Glenfarne Group, the lead developer and 75% owner of the project vehicle (8 Star Alaska LLC), has signed preliminary offtake deals with major commercial partners including POSCO International, JERA and Tokyo Gas, TotalEnergies, and others. The project aims to process about 3.9 billion cubic feet of gas per day and produce up to 20 million metric tons of LNG per year.
The project has been restructured into phases to reduce upfront capital risk, with Phase 1 focusing on delivering North Slope gas to Southcentral Alaska for in-state needs. The pipeline FID is targeted for 2026, with mechanical completion expected around 2028 and first in-state gas arriving in 2029.