Trump-backed Alaska LNG revival still faces viability questions in Korea

Trump-backed Alaska LNG revival is drawing fresh questions in Korea over commercial viability and the size of a possible investment. U.S. officials said Korea would invest about $54 billion in the project, while Seoul says it is still reviewing whether the deal is commercially reasonable. The project needs more binding LNG sales commitments and a financing path before construction can move forward.

The Alaska LNG project targets annual LNG production of up to 20 million tons, with first exports planned for 2031.

The project would move natural gas from Alaska’s North Slope through an approximately 1,300-kilometer pipeline to Nikiski for liquefaction and export.

Glenfarne says it has preliminary agreements for about 13 million tons of annual LNG sales, but needs another 3 million tons and binding purchase agreements covering at least 16 million tons to secure financing.

POSCO International signed a framework agreement with Glenfarne and AGDC last year to buy 1 million tons of LNG a year for 20 years and supply steel for the pipeline.

Published Oct 1, 2026 2:37 pm KST

Alaska Gov. Mike Dunleavy speaks after U.S. President Donald Trump's annoucement on energy investment in Alaska, in the Oval Office of the White House in Washington, D.C., on Wednesday (local time). AFP-Yonhap

With a discrepancy emerging between Korea and the U.S. over a proposed investment of more than $50 billion in the Alaska liquefied natural gas (LNG) project, questions are growing over whether the project can generate sufficient commercial returns for Seoul.

U.S. Secretary of Commerce Howard Lutnick said Wednesday (local time) Korea would invest about $54 billion (73.4 trillion won) in the Alaska LNG project, as part of Seoul's $200 billion investment package to Washington.

The White House presented the project as a committed investment, while Korea has maintained that participation remains subject to further review of its “commercial reasonableness.”

The gap is significant because Alaska LNG has spent more than a decade struggling to demonstrate that it can compete economically with LNG projects closer to major markets.

The project would transport natural gas from Alaska’s North Slope through an approximately 1,300-kilometer pipeline to Nikiski, where it would be liquefied and exported primarily to Asian markets.

Glenfarne Group owns 75 percent of the project alongside the state-owned Alaska Gasline Development Corporation (AGDC). The project targets annual LNG production of up to 20 million tons, with first exports targeted for 2031.

Glenfarne has secured preliminary agreements covering about 13 million tons of annual LNG sales, but the commitments are largely nonbinding. The developer has said it needs another 3 million tons and binding purchase agreements covering at least 16 million tons to secure financing for the project.

That shortfall is particularly important for Korea because the latest U.S. announcement does not itself resolve whether the project can generate sufficient returns to justify the scale of investment being discussed.

U.S. President Donald Trump makes an announcement in the Oval Office of the White House in Washington, D.C., Wednesday (local time), regarding Korea's commitment of $200 billion in investments in the U.S., including a project to construct the Alaska liquefied natural gas pipeline project. EPA-Yonhap

The commercial concerns are not new.

ExxonMobil, BP and ConocoPhillips were among the major energy companies involved in developing the project in the mid-2010s. But in 2016, the three companies decided not to proceed with the next phase of development, citing changes in the economic environment.

The companies’ withdrawal eventually left AGDC in control of the project. In 2017, Alaska state officials said the three producers had withdrawn because the project was too expensive to compete in an oversupplied global LNG market, with weak LNG prices further undermining its economics.

More than a decade later, the fundamental questions remain. The project requires an enormous upfront investment, including a pipeline stretching more than 1,300 kilometers through one of the world’s harshest construction environments.

Alaska officials, meanwhile, have portrayed the project as a long-awaited economic and energy security opportunity.

At the White House event, Alaska Gov. Mike Dunleavy credited Trump with reviving the project, saying it “wouldn’t have been done without the president of the United States, Donald Trump. There’s no doubt about it.”

Glenfarne CEO Brendan Duval also said the company could begin construction as soon as financing is funded.

U.S. President Donald Trump shakes hands with Glenfarne Group CEO Brendan Duval while making an announcement on Korea's investment on the Alaska liquefied natural gas project, in the Oval Office of the White House in Washington, D.C., Wednesday (local time). UPI-Yonhap

“Glenfarne has spent the past 18 months building the commercial, engineering, workforce and construction foundation for this project,” Duval said in a press release. “This investment gives us the scale of capital needed, and we will keep working to make sure Alaska captures the jobs, economic opportunity and long-term value this project can create.”

Glenfarne has continued to build commercial ties in Asia. POSCO International signed a framework agreement with the developer and AGDC last year to purchase 1 million tons of LNG annually for 20 years, while POSCO agreed to supply steel for the pipeline.

For the Korean government, however, the key issue now is whether the political momentum behind Alaska LNG can be translated into a commercially viable project.

The U.S. announcement may give the project a new financing pathway, but it does not by itself eliminate the risks that caused major energy companies to step away a decade ago.

Korea is concerned about whether it can secure sufficient safeguards on costs, LNG pricing, offtake commitments and project returns, as the scale of the proposed investment could leave Korean investors exposed if the project fails to meet its commercial assumptions.

The government said it was “only reviewing” the Alaska LNG project.

"Neither the decision on whether to invest nor the size of the potential investment has been determined," an official from Korea's Ministry of Trade, Industry and Resources said.

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特朗普支持的阿拉斯加液化天然气项目重启计划在韩国引发了新的质疑，人们开始关注其商业可行性和潜在投资规模。美国官员表示，韩国将为该项目投资约540亿美元，而首尔方面则表示仍在评估该交易的商业合理性。该项目需要更多具有约束力的液化天然气销售承诺和融资方案才能推进建设。

阿拉斯加液化天然气项目的目标是每年生产高达 2000 万吨液化天然气，计划于 2031 年首​​次出口。

该项目将通过一条约 1300 公里的管道，把阿拉斯加北坡的天然气输送到尼基斯基进行液化和出口。

Glenfarne表示，该公司已初步达成每年约1300万吨液化天然气销售协议，但还需要300万吨以及至少1600万吨的具有约束力的购买协议才能获得融资。

去年，浦项国际与 Glenfarne 和 AGDC 签署了一项框架协议，将在 20 年内每年购买 100 万吨液化天然气，并为该管道供应钢材。

发布于2026年10月1日下午2:37（韩国标准时间）

阿拉斯加州州长迈克·邓利维在周三（当地时间）于华盛顿白宫椭圆形办公室发表讲话，此前美国总统唐纳德·特朗普宣布了有关阿拉斯加能源投资的计划。法新社-韩联社

由于韩国和美国在阿拉斯加液化天然气 (LNG) 项目上超过 500 亿美元的拟议投资问题上出现分歧，人们越来越质疑该项目是否能为首尔带来足够的商业回报。

美国商务部长霍华德·卢特尼克周三（当地时间）表示，作为首尔向华盛顿提供的 2000 亿美元投资计划的一部分，韩国将向阿拉斯加液化天然气项目投资约 540 亿美元（73.4 万亿韩元）。

白宫将该项目描述为一项承诺的投资，而韩国则坚持认为，参与该项目仍需进一步审查其“商业合理性”。

这一差距意义重大，因为阿拉斯加液化天然气项目十多年来一直在努力证明，它能够在经济上与靠近主要市场的液化天然气项目竞争。

该项目将通过一条约 1300 公里的管道，把阿拉斯加北坡的天然气输送到尼基斯基，在那里进行液化处理，然后主要出口到亚洲市场。

格伦法恩集团与阿拉斯加州属天然气管道开发公司（AGDC）共同拥有该项目75%的股份。该项目计划年产液化天然气2000万吨，并计划于2031年开始首次出口。

Glenfarne已达成初步协议，涵盖每年约1300万吨液化天然气销售，但这些承诺大多不具约束力。开发商表示，还需要300万吨液化天然气以及至少1600万吨的具有约束力的采购协议，才能确保项目融资。

这一缺口对韩国来说尤其重要，因为美国的最新声明本身并没有解决该项目能否产生足够的回报来证明所讨论的投资规模的合理性。

美国总统唐纳德·特朗普周三（当地时间）在华盛顿白宫椭圆形办公室宣布，韩国承诺在美国投资2000亿美元，其中包括建设阿拉斯加液化天然气管道项目。EPA-韩联社

这些商业方面的担忧并非新鲜事。

埃克森美孚、英国石油和康菲石油等主要能源公司曾参与2010年代中期该项目的开发。但2016年，这三家公司以经济环境变化为由，决定不再推进下一阶段的开发。

这些公司的退出最终使AGDC接管了该项目。2017年，阿拉斯加州政府官员表示，这三家生产商退出的原因是该项目成本过高，难以在全球液化天然气供应过剩的市场中竞争，而疲软的液化天然气价格进一步削弱了其经济效益。

十多年过去了，根本性问题依然存在。该项目需要巨额的前期投资，其中包括一条绵延1300多公里、穿越世界上最恶劣施工环境之一的管道。

与此同时，阿拉斯加官员将该项目描述为期待已久的经济和能源安全机遇。

在白宫的活动上，阿拉斯加州州长迈克·邓利维称赞特朗普重启了该项目，他说：“如果没有美国总统唐纳德·特朗普，这个项目不可能完成。这一点毋庸置疑。”

Glenfarne 首席执行官 Brendan Duval 还表示，一旦融资到位，公司即可开始建设。

美国总统唐纳德·特朗普周三（当地时间）在华盛顿白宫椭圆形办公室宣布韩国投资阿拉斯加液化天然气项目时，与格伦法恩集团首席执行官布伦丹·杜瓦尔握手。（图片来源：UPI-Yonhap）

杜瓦尔在一份新闻稿中表示：“过去18个月里，格伦法恩公司一直在为这个项目构建商业、工程、劳动力和建设基础。这项投资为我们提供了所需的资金规模，我们将继续努力，确保阿拉斯加能够获得该项目带来的就业机会、经济机遇和长期价值。”

Glenfarne持续拓展在亚洲的商业联系。去年，浦项国际与开发商及AGDC签署了一项框架协议，每年购买100万吨液化天然气，为期20年；同时，浦项国际同意为该管道供应钢材。

然而，对于韩国政府而言，现在的关键问题是阿拉斯加液化天然气项目背后的政治势头能否转化为商业上可行的项目。

美国方面的声明可能会为该项目提供新的融资途径，但这本身并不能消除十年前导致大型能源公司退出该项目的风险。

韩国担心能否在成本、液化天然气定价、承购承诺和项目回报方面获得足够的保障，因为拟议投资的规模可能会使韩国投资者面临风险，如果该项目未能达到其商业预期。

政府表示，他们“只是在审查”阿拉斯加液化天然气项目。

韩国贸易、工业和资源部的一位官员表示：“是否投资以及潜在投资规模都尚未确定。”

特朗普宣布阿拉斯加液化天然气项目是韩国投资计划的一部分

韩国和美国公布了三项能源项目投资计划