President Donald Trump put some yuge numbers on the table Wednesday: up to $200 billion in South Korean investment for American energy projects, including Alaska LNG, eight nuclear power plants, and a massive natural gas power project in Texas.
The announcement finally gives shape to part of the $350 billion investment package South Korea agreed to as part of last year’s trade deal with Washington. Of that total, $150 billion was set aside for shipbuilding and another $200 billion for strategic investments selected in cooperation with the United States.
From Reuters:
“Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion,” Trump said.
He said that the investment would include the construction of eight large-scale nuclear power plants, a liquefied natural gas pipeline in Alaska and a 6-gigawatt power generation facility in Texas.
The announcement is part of a series of economic and investment deals Trump is highlighting ahead of November’s midterm elections, as he seeks to reinforce his economic record amid voter concerns over the Iran war and high gasoline prices. The Alaska LNG project also comes as Republicans seek to retain incumbent Senator Dan Sullivan who faces Democrat Mary Peltola. Sullivan was in the Oval Office for the Wednesday announcement.
The Alaska LNG project includes an 807-mile (1,299-km) pipeline carrying natural gas from the North Slope to a liquefaction facility on Alaska’s southern coast, allowing the fuel to be shipped to Asian markets. The project is designed to transport about 3.9 billion cubic feet of natural gas per day and produce up to 20 million metric tons of LNG annually, according to the White House.
