On September 30, President Donald J. Trump announced a $54 billion South Korean investment in Alaska LNG. The investment is part of a $350 billion Korean investment package in U.S. energy and shipbuilding infrastructure. In exchange, tariffs will be lowered on South Korean automotives, timber, lumber, and aircraft products. “For doing that, I reduced their tariffs to 15%,” stated Trump when he made the announcement. “But they paid to get them reduced. And part of that money is going into [the Alaska LNG] project.”
The total South Korean investment package includes $150 billion for the U.S. shipbuilding industry and $200 billion for energy projects including a major 6-gigawatt power generation plant in Texas, 8 new nuclear power plants, and the Alaska LNG project.
Trump commended U.S. Senator Dan Sullivan for his work promoting the Alaska LNG project. Sen. Sullivan commented: “Today’s historic $54 billion investment by South Korea will represent the most consequential step yet toward making the Alaska LNG dream a reality. This project will also strengthen America’s energy security and provide our allies with reliable, abundant American energy from one of the world’s great energy superpowers—Alaska.”
According to a press release from Glenfarne, the announcement builds on 18 months of work by Glenfarne to advance Alaska LNG. Since becoming lead developer in March 2025, Glenfarne has secured agreements spanning LNG sales, North Slope gas supply, domestic Alaska gas supply, labor, engineering, pipeline construction, equipment and materials, and strategic investment and partnerships. Commercial agreements now represent 13 million tonnes per annum of the 16 million tonnes per annum Glenfarne is targeting to support final investment decision.
Brendan Duval, CEO and Founder of Glenfarne, stated: “This U.S.-Korea investment initiative creates a promising new path to bring together the capital needed to accelerate Alaska LNG toward final investment decision and construction.” Glenfarne will work with the U.S. and Korean governments to finalize the investment structure and complete the remaining steps required to reach FID.
“This is another significant step forward for Alaska LNG and indicates Alaska’s role as an energy supplier to our nation and our Pacific Rim allies,” said Gov. Dunleavy. “South Korea understands the tremendous opportunity Alaska LNG represents. This project can provide a reliable source of energy for Alaskans from their own resources, strengthen America’s energy security, open new markets for Alaska’s natural gas, and deepen the strategic partnership between the United States and South Korea. This whole process has been made possible by President Trump and his administration, as well as the support of Congressman Begich and Senators Sullivan and Murkowski. In the president’s first term, AKLNG got all the necessary permits. In his second term, he highlighted this project as one of the most important projects for the United States and Alaska. It’s through the President’s actions that we are at this place today.”
The investment follows a series of special sessions called by Governor Dunleavy to pass legislation providing tax breaks for the project’s developers and make the project more economically attractive. State Democrat legislators kept the bill in gridlock, fighting for a new tax on S-corps. When Governor Dunleavy introduced a compromise bill allowing for a new tax on S-corps but at a lower, flat rate, House leadership refused to call a floor vote on the bill. House Republicans blasted the Majority for killing the legislation without a public vote, but ultimately no action was taken.
The State Legislature’s gridlocked summer of special sessions and Trump’s signing of the deal with South Korea bringing $54 billion investment in Alaska LNG are just the latest chapters in the project’s 40-year history.
