US President Donald Trump has rejected suggestions that he moved too quickly in announcing about $54bn of South Korean investment in the Alaska LNG project, according to a White House video of his press gaggle.
“I didn't jump the gun. I mean, they were there and they were represented,” Trump said after South Korea clarified that it had not made a final investment decision on the project or determined an investment amount.
The South Korean government said on 1 October that Washington and Seoul had agreed to begin reviewing Alaska LNG, with any decision to proceed dependent on commercial viability and compliance with domestic legal requirements.
Trump said South Korea could face higher charges if it did not participate, without specifying what those charges would cover.
The Alaska LNG proposal forms part of a wider US-South Korea investment framework that includes $200bn of strategic investment and $150bn earmarked for the US shipbuilding sector.
The wider package also includes a 6,472-MW gas-fired power project in Texas and a framework for eight large nuclear reactors. Up to $120bn could be used for the nuclear programme, comprising two APR1400 units and six AP1000 units, subject to commercial and legal review.
Seoul said that if Alaska LNG proceeds, the US side would seek favourable conditions for Korean equipment and suppliers, tariff relief for materials including steel, commercially viable long-term LNG purchase agreements and priority Korean access to LNG produced by the project.
Glenfarne Alaska LNG LLC, part of Glenfarne Group, is the developer and 75% owner of Alaska LNG. The State of Alaska holds the remaining 25% through Alaska Gasline Development Corporation. The project is planned in two financially independent phases. The first covers a 739-mile, 42-inch gas pipeline from Alaska’s North Slope for domestic supply. The second would add LNG liquefaction facilities at Nikiski, taking the total pipeline length to 807 miles and enabling exports to international markets.