New York, New York - President Donald Trump is expected to announce Wednesday major South Korean investments in US energy, including $54 billion towards a long-discussed liquefied natural gas project in Alaska.
A White House press officer posted a Bloomberg story outlining the plan, which is timed to boost the re-election prospects of Alaska Republican Senator Dan Sullivan.
The project, championed by Glenfarme Group, a New York and Houston-based industrial project developer, envisions the construction of an 800-mile pipeline to transport natural gas from the Alaska North Slope to a liquefaction facility near Anchorage to prepare for export to Asia.
Alaska officials have considered such a project in the past, but have not moved ahead due to questions about project costs and consumer demand for the LNG.
While Alaska has decades of history as a petroleum producer, environmental concerns have historically constrained some developments.
But Trump administration officials such as Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who participated in a June "American Energy Dominance" summit in Anchorage, have largely brushed aside environmental concerns.
The state of Alaska holds a 25% stake in the LNG project, with Glenfarne owning the rest. LNG project would not reach the market until 2030, even under the best-case scenario.
In all, South Korea is expected to announce $200 billion in US investment at the Wednesday White House event, reported Bloomberg, citing people familiar with the matter.
The projects are part of a commitment by South Korea to invest $350 billion in the US and boost its purchases of American energy as part of a July 2025 trade deal with Trump that set 15% tariffs on South Korean goods to the US.
South Korea is also expected to invest in up to eight US nuclear plants, the Wall Street Journal reported earlier this month.