
US President Donald Trump on Sept. 30 said South Korea plans to invest $54 billion in the long-delayed Alaska LNG project as part of a broader package of up to $200 billion in South Korean investment in US energy projects.
The announcement does not represent a final investment commitment. South Korean officials said the two countries agreed only to review the project’s commercial viability.
South Korea separately finalized a $22.3-billion investment in a 6.47-Gw gas-fired power plant in Encinal, Tex., that would supply electricity to an adjacent AI data center campus. Proposed participation in Alaska LNG and a separate framework involving eight US nuclear reactors remain subject to feasibility reviews.
The Alaska LNG project would transport North Slope gas through an 807-mile pipeline to a liquefaction and LNG export terminal at Nikiski on the Kenai Peninsula. Designed capacity is up to 20 million tpy of LNG, primarily for Asian markets.
Glenfarne Group is lead developer and majority owner, holding a 75% stake acquired in 2025 from Alaska Gasline Development Corp. (AGDC), which retained 25%. The project originated in 2014 as a joint effort between AGDC, ExxonMobil, ConocoPhillips, bp, and TransCanada. After the producers withdrew, AGDC became sole owner in 2017 until Glenfarne assumed control.
FERC approved the project in 2020, and federal permitting was completed in 2025. A final investment decision (FID), however, has been delayed by high capital costs and the need to secure sufficient LNG offtake commitments. Glenfarne has preliminary agreements covering about 13 million tpy and has said roughly 16 million tpy is needed to support financing.
The company plans to develop Alaska LNG in two financially independent phases. The first would build a pipeline supplying North Slope gas to Alaska consumers, while the second would add LNG export infrastructure. Glenfarne is targeting a pipeline investment decision in 2026 and start-up of the full project in 2031.
Following Trump’s announcement, Glenfarne said details of any South Korean investment remain under negotiation and that further steps are required before reaching FID.





















