Trump Touts Korean Investment in Alaska LNG Project Ahead of Midterm Elections
President Donald Trump is set to announce plans for South Korea's strategic investment fund to be used in several major US projects, including the proposed $54 billion Alaska LNG facility. The move aims to bolster the administration's economic record ahead of November's midterm elections.
The Alaska LNG project would connect a pipeline from Alaska's North Slope to a liquefaction facility on the state's southern coast, allowing for shipment to Asian markets. Japan's two biggest LNG importers, JERA and Tokyo Gas, have signed preliminary deals to buy 2 million metric tons per year from Alaska LNG, with commitments totaling 13 million tons annually.
Glenfarne, the project's developer, needed agreements for another 3 million tons and binding commitments to secure financing. The announcement comes as Trump seeks to address voter concerns over high gasoline prices and the Iran war, which have dragged his approval ratings below 40% in national polls.