Trump Announces $54 Billion Alaska LNG Investment as Part of South Korea Trade Deal

President Trump is announcing plans for approximately $54 billion in South Korean investment to help build the massive Alaska LNG project, advancing a long-discussed effort to unlock the state’s enormous natural gas reserves and expand American energy exports. The investment is part of a broader package of South Korean commitments to projects across the United States.

The Alaska project would include an approximately 807-mile natural gas pipeline connecting the resource-rich North Slope with southern Alaska. Natural gas transported through the pipeline would serve domestic customers before reaching a liquefaction and export facility in Nikiski, where LNG could be shipped to international buyers.

The development has been described as potentially the largest proposed energy infrastructure project in American history. Current estimates put the overall cost between roughly $44.5 billion and $54.5 billion, reflecting the enormous scale of the pipeline, processing facilities and LNG export terminal required to bring North Slope gas to market.

South Korea’s investment stems from commitments negotiated as part of its trade agreement with the United States. Seoul pledged hundreds of billions of dollars in American investments in exchange for reduced U.S. tariffs on South Korean automobiles, auto parts and other products.

The Alaska LNG project is currently 75% owned by Glenfarne Group, with the state-owned Alaska Gasline Development Corporation holding the remaining 25%. Developers are planning the project in phases, beginning with a pipeline designed to deliver North Slope natural gas to communities within Alaska before adding infrastructure needed for large-scale LNG exports.

Asian countries are considered the project’s most important potential export markets because Alaska offers a geographically shorter shipping route to the region than LNG facilities located along the U.S. Gulf Coast. Developers have already reached preliminary agreements with prospective customers in South Korea, Japan, Taiwan and Thailand.

The project has been a major priority for President Trump, who has repeatedly promoted expanded American production of oil, natural gas and coal as part of his energy agenda. His administration has pushed to open additional federal lands and offshore areas for development while encouraging American allies to purchase more U.S. energy.

Alaska Republican Sen. Dan Sullivan has also been a longtime supporter of the project and is expected to join Trump for the announcement. Alaska Gov. Mike Dunleavy and Rep. Nick Begich are also expected to participate alongside administration officials, including Commerce Secretary Howard Lutnick and Interior Secretary Doug Burgum.

Despite the new investment plans, significant work remains before the project can begin exporting LNG. Developers still need additional binding customer agreements and financing, and industry analysts have raised questions about construction costs and competition from existing LNG exporters. Current plans target the first LNG exports for 2031.

The Alaska announcement follows Trump’s unveiling of plans for a $15 billion steel plant in Iowa earlier this week. Together, the projects represent the administration’s broader push to attract large-scale investment into American manufacturing and energy while expanding domestic production and strengthening U.S. supply chains.