South Korea to invest US$200bil into US energy projects, Trump announces

WASHINGTON: President Donald Trump announced Wednesday US$200 billion in US energy investments from South Korea, including US$54 billion toward a long-discussed liquefied natural gas project in Alaska.

Besides the Alaska LNG project and pipeline, the Trump administration announced eight new nuclear plants and a large natural gas-fired plant in Texas that would be supported by the government of South Korea, Trump said.

The announcement details South Korea's previous pledges to make good on a tariff deal with Trump.

South Korea had agreed to invest US$350 billion in the United States and boost its purchases of American energy as part of a July 2025 trade deal with Trump that set 15 per cent tariffs on South Korean goods imported into the United States.

Top Trump administration officials, including Energy Secretary Chris Wright and Interior Secretary Doug Burgum, joined the president for an Oval Office ceremony with Alaska Republican Senator Dan Sullivan, who is facing a tough reelection contest in November.

The Alaska project, championed by Glenfarne 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 the Trump administration has largely brushed aside environmental concerns, canceling regulations to reduce emissions that cause global warming while pursuing an "energy dominance" agenda that favours fossil fuel development.

The industrial ramp-up envisioned for the energy projects also faces a potential labor shortfall.

The United States needs to fill an estimated 1.7 million skilled trade openings through 2035, according to a report released Wednesday by the Alliance for America's Skilled Trades, an organisation of Ford, Blackstone, Nvidia and other large companies.

The report found today's training programme produce just 55 workers for every 100 needed.--AFP