(URGENT) Lutnick says S. Korea to invest over $50 billion for Alaska LNG project

U.S. President Donald Trump revealed South Korea's investment plans, including a liquefied natural gas (LNG) project in Alaska, under their bilateral trade agreement from last year. This announcement came after months of negotiations over various energy investment projects that committed South Korea to investing $350 billion in the U.S. The agreement allocated $150 billion for shipbuilding and the remaining funds for strategic investments in return for reduced U.S. tariffs on Korean goods.

During his presentation, Trump emphasized the economic achievements under his administration, particularly as he prepares for the November midterm elections. Public concerns over the ongoing war with Iran, which has resulted in high energy prices and economic uncertainties, have fueled Trump's focus on the economic aspects of the trade agreement.

One of the key projects is the construction of a 1,298-kilometer-long pipeline from Alaska's North Slope, which boasts significant natural gas reserves. The pipeline will transport cooled natural gas to southern Alaska, ready for shipment to Asia. Additionally, the investment plans include a large-scale gas-fired power plant in Encinal, Texas.