What happened
President Donald Trump has announced that South Korea will invest up to $200 billion in US energy projects, with $54 billion allocated for the Alaska LNG pipeline. The project, which has been in planning for half a century, aims to deliver nearly 4 billion cubic feet of liquefied natural gas per day.
The 807-mile pipeline will stretch from the North Slope to the southern coast of Alaska, where the gas will be chilled into liquid and shipped to buyers in Asia. The project is expected to produce up to 20 million metric tons of LNG per year.
The investment is part of a $350 billion pledge made by South Korea during trade talks with Washington last year. The project is planned to be built in two stages, with the first stage supplying gas to Alaskans and the second stage focusing on exports.
Developer Glenfarne, which owns 75% of the project, is targeting first gas in 2029. However, the project has faced doubts over its expense and profitability, and Glenfarne has yet to make a final investment decision.
The announcement comes just weeks before the November midterms and is seen as a boost to Trump's economic record and Sen. Dan Sullivan's reelection campaign.
