Trump Unveils $54B Korean Investment in Alaska LNG Project
On Wednesday, President Donald Trump unveiled a $54 billion commitment from Korean investors to build the Alaska LNG pipeline and liquefaction project, a unique energy export initiative that has been under discussion for years.
"Today we're thrilled to announce one of the largest energy infrastructure investments in American history," Trump said. "Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion to build a six gigawatt power generation facility in Texas, . . . eight new large scale nuclear power plants, and at long last, the Alaska liquefied natural gas pipeline [Alaska LNG]."
Alaska LNG is a megaproject that would pipe gas all the way from the North Slope to a liquefaction plant on the Gulf of Alaska, and if built, it would be among the most ambitious infrastructure development projects in recent U.S. history. The 3.5 billion cubic foot-per-day pipeline would traverse the permafrost of the North Slope, the rugged mountains of central Alaska, and wend its way southwards to Cook Inlet, covering a distance equal to a transit from Missouri to New York. On arrival, the gas would be liquefied at a multibillion-dollar plant and shipped to Asian customers.
Alaska LNG was first conceived of as a commercial project with big-name private investors, including BP, ExxonMobil and ConocoPhillips. All three oil majors backed out by 2016, leaving the investment company Glenfarne Group and the state-owned Alaska Gasline Development Corporation in charge of moving it forward. The consortium has been gradually advancing through permitting ever since, with backing from state leaders: it secured its FERC export permit in 2020 and received a key approval from the Department of Energy in 2023, derisking investment.
Climate activists oppose the project because of its carbon footprint, and it would undoubtedly face legal challenges ahead of construction, but it is locally popular. It has at least two early commercial commitments: two Japanese LNG buyers have agreed to buy about 10 percent of production if it is built.
In a statement, a White House spokesperson said that investments in Alaska's infrastructure fulfill "day one promises to unleash American energy, unlock Alaska’s extraordinary resource potential, and accelerate America’s nuclear energy renaissance."
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The announcement fulfills a previous $200 billion pledge by South Korea to invest in American industries and businesses. Other elements include a $22 billion investment in gas-fired power generation for data centers in Texas and a commitment to invest in eight new nuclear power plants.
South Korea has also made a separate $150 billion dollar pledge to invest in American shipping and shipbuilding, with full details to come.
