Seoul sent $2.4 bil. to Washington for Texas energy project: finance minister
Korea has transferred $2.4 billion to Washington as part of its funding for a Texas energy project agreed upon by the two countries under Seoul's investment initiative, the finance minister confirmed Tuesday. Responding to a lawmaker's question about whether the transfer had been made during a parliamentary audit, Finance Minister Lee Hyoung-il replied "yes," acknowledging around 10 percent of…
On Tuesday, Finance Minister Lee Hyoung-il confirmed that Korea transferred $2.4 billion to Washington for a Texas energy project. This amount represents approximately 10 percent of the project's estimated budget. Project Star, a gas-fired combined-cycle power plant in Texas, is designed to generate 6,472 megawatts of power, primarily for artificial intelligence (AI) data centers.
The project is estimated to cost $22.3 billion in total. Korea's Ministry of Trade, Industry and Resources recently announced three investment pledges to the United States, including $150 billion for shipbuilding cooperation and $200 billion for projects in various strategic sectors. Lee assured the public that the Texas project meets the criteria for commercial viability.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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