South Korea Locks in $22.3 Billion LNG Deal, Eyes Eight U.S. Nuclear Reactors

The South Korean government has finalized its first U.S. investment project, a $22.3 billion LNG power plant in Texas, as part of a broader agreement that includes an ambitious plan to build eight large-scale nuclear reactors.

The Encinal liquefied natural gas (LNG) combined-cycle power plant is expected to be signed by both countries soon, and the investment will be channeled through an Investment Special Purpose Vehicle (I-SPV).

The project's cost has increased by nearly $5.5 billion from the original plan due to U.S. negotiators' demands for additional water infrastructure and other expenses.