Trump Touts $50 Billion South Korea Investment in Alaska LNG Project

President Donald Trump made a major announcement in the Oval Office on Wednesday regarding investments from South Korea. The Korean government will invest $50 billion into the Alaska LNG project, a large majority of the estimated cost of the project at up to $55 billion.

This investment comes as part of a trade deal between Seoul and Washington that cut U.S. tariffs on Korean exports to 15%. Trump stated that 'they paid to get them reduced, and part of that money is going into this project.' The liquefied natural gas project has been a priority for state officials for decades but has stalled due to concerns over its commercial viability.

Glenfarne Alaska LNG estimates the cost at up to $55 billion. Commerce Secretary Howard Lutnick said the investment amounts to 'just over $50 billion.' The lead developer secured preliminary, nonbinding agreements to provide 13 million metric tons of LNG annually to customers across Asia.