President Donald Trump on Wednesday unveiled plans for South Korea to invest up to $200 billion in American projects, including $54 billion for the long-planned Alaska liquefied natural gas project, a White House official said.
The announcement, made from the Oval Office, details the first major projects under a broader $350 billion strategic investment package South Korea agreed to as part of a trade deal with Washington. Of that total, $150 billion was set aside for shipbuilding and $200 billion for strategic investments selected jointly with the United States.
"Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion," Trump said.
According to the White House, the investments will include an 807-mile pipeline carrying natural gas from Alaska's North Slope to a liquefaction facility on the state'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.
The package also covers the construction of eight large-scale nuclear power plants and a 6-gigawatt gas-fired power generation facility in Texas.
Seoul moved quickly to hedge one element of the announcement, saying the $54 billion Alaska pipeline is not yet set in stone and would only go forward if commercial and legal conditions are met. South Korea confirmed a $22.3 billion Texas gas power project and $120 billion for eight nuclear reactors.
The announcement is part of a series of economic and investment deals Trump is highlighting ahead of November's midterm elections. The Alaska project also carries political weight in the state, where Republican Sen. Dan Sullivan faces Democrat Mary Peltola in a competitive re-election race; Sullivan attended Wednesday's announcement.