US President Donald Trump speaks to the press at the White House driveway following a luncheon for tech leaders in the East Room, in Washington, D.C., US, September 29, 2026.
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Jonathan Ernst
President Donald Trump is set to unveil South Korea’s plan to invest some $200 billion in the US, including $54 billion for a long-stalled venture to export natural gas from Alaska that’s been championed by a Republican senator in a tight reelection contest.
The planned announcement, described by people familiar with the matter who asked not to be named, represents a first tranche of projects to win support under last year’s US-South Korea trade deal, which included a pledge of $350 billion in US investment. The announcement is expected to be made by Trump on Wednesday in the Oval Office, the people said.
Korea’s backing is likely to be crucial to develop the project to transport natural gas across Alaska and enable most of it to be exported to Asian buyers. Other energy ventures, including nuclear projects, are set to lure some of Korea’s investments, people familiar with the matter said.
Privately-held Glenfarne Group is developing the Alaska LNG project, which has so far signed preliminary agreements with LNG importers but has stopped short from making a final investment decision. The company did not immediately respond to a request for comment.
Alaska LNG project gets key South Korean backing
The planned announcement marks the latest example of Trump leveraging the power of the presidency — and his international dealmaking — to bolster Republicans ahead of the November midterm elections as candidates face major headwinds thanks to voter dissatisfaction with the economy.
Senator Dan Sullivan, an Alaska Republican running against former Democratic Representative Mary Peltola, has long been a vocal supporter of Alaska LNG.
Sullivan is set to be at the White House for Wednesday’s announcement, joining Alaska Republican Representative Nick Begich and Governor Mike Dunleavy, people familiar with the matter said. Sullivan’s office did not immediately respond to a request for comment.
On Monday, Trump touted a proposal for an Indian conglomerate to build a $15 billion steel plant in Iowa, a crucial midterm battleground.
Asia faces LNG supply concerns
Global LNG supplies have been upended by the conflict in the Middle East that’s effectively blocked flows from Qatar and the United Arab Emirates, which represented around one-fifth of the world’s prewar supply.
That’s left some of the world’s biggest buyers in Asia exposed to volatile spot prices. Shipments of LNG from Alaska wouldn’t be an immediate panacea; construction is expected to take as long as four years. But the project could still be seen as helping address energy supply concerns.
Though the venture has repeatedly drawn Trump’s praise, and has been planned for decades, it’s faced obstacles due to its large price tag and mammoth scale, including the challenge of constructing a 740-mile pipeline across Alaska.
$54 billion investment set for Alaska LNG
Seoul’s investment would support the Alaska LNG export facility and an essential pipeline to supply it by transporting gas from the state’s massive North Slope down to the oil and gas town of Nikiski. South Korea has been one of several Asian countries in talks to jointly invest in Alaska.
Trump has repeatedly described his own vision for unlocking Alaska LNG exports since he reentered the White House last year, promising a joint session of Congress in March 2025 that his administration was working to get it across the finish line with interest from Japan, South Korea and other nations.
Administration officials courted foreign officials in meetings in Alaska last year to further lure support — and commercial contracts — for the project.
Japan also pledged major US investment
Trump in the past has teased the possibility of funding from Japan. In a trade agreement between Tokyo and Washington, Japan last year committed $550 billion in US investment, and said that it would make consistent, long-term purchases of US energy, including liquefied natural gas.
The Korea investment plans have been cultivated under Commerce Secretary Howard Lutnick, who is also expected to be in the White House for the announcement Wednesday, alongside Interior Secretary Doug Burgum and Jarrod Agen, executive director of Trump’s National Energy Dominance Council.
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Published on September 30, 2026
