South Korea Absent From $200 Billion Investment Announcement as White House Becomes Alaska Election Battleground

[Financial News, New York = Correspondent Lee Byung-chul]  U.S. President Donald Trump used an event announcing South Korea's $200 billion investment in U.S. energy projects, equivalent to approximately 280 trillion won, as a campaign platform for Republican Alaska Senator Dan Sullivan, who is seeking a third term in the November midterm elections. No South Korean representative involved in the investment was present, while Senator Sullivan, Alaska Governor Mike Dunleavy, and Representative Nick Begich III were among the Alaska Republican politicians who turned out in force. South Korea's investment in the United States was thus highlighted as an economic achievement in U.S. domestic politics, particularly in the Alaska Senate race.

President Donald Trump announced at the White House on the 30th (local time) that the South Korean government would invest up to $200 billion to pursue Texas power generation facilities, eight nuclear power units in the United States, and the Alaska LNG project.
While discussing Alaska LNG, Trump gave particular prominence to Senator Dan Sullivan. "All of these energy projects are my accomplishments, and I worked with Dan Sullivan to make this happen," Trump said. He added, "He is the person fully responsible for this pipeline and the many projects and jobs we have been advancing." Trump also emphasized that Alaska LNG would create up to 12,000 construction jobs and 1,000 operations jobs.
After finishing his remarks, President Trump handed the microphone to Senator Sullivan first. Sullivan described Alaska LNG as "by far the most important project in our state." He called it "a project that will allow our children and grandchildren to remain in Alaska and enjoy a bright future," emphasizing that it was "a project Alaska has pursued for nearly half a century." He continued, "It will provide Alaska residents with affordable energy for 50 to 100 years," adding, "We will get this project done."

Governor Mike Dunleavy also highlighted President Trump's achievements. "This massive gas pipeline will save and transform Alaska," he said. "It will transform our state over the next 50, 60 and 70 years." He noted that Senator Sullivan had pursued the LNG project since 2012 and emphasized, "Whether in Japan, Korea or anywhere in the United States, Sullivan is promoting Alaska's potential."
Representative Nick Begich III also called it "a transformative opportunity that will benefit Alaska, the United States and many allies around the world," adding, "Leaders such as Senator Sullivan and Governor Dunleavy have advanced this project for years."
Commerce Secretary Howard Lutnick detailed the South Korean investment by project. Lutnick explained that South Korea would invest slightly less than $200 billion in U.S. energy infrastructure, including $120 billion for eight nuclear power units, more than $50 billion for Alaska LNG, and more than $22 billion for 6.5-GW gas-fired power plants in Texas.
However, the Alaska LNG investment has not yet reached the finalization stage. The South Korean government maintains that a final investment decision on Alaska LNG has not been made. The White House put forward an investment of approximately $54 billion, but additional reviews of the project's viability and legal procedures are still required.


[email protected] Correspondent Lee Byung-chul Reporter