Korea reaffirms Alaska LNG investment hinges on commercial viability

Industry Minister Kim Jung-kwan said Tuesday in Seoul that Korea would participate in the Alaska LNG project only if it proves commercially viable, while acknowledging its increased strategic value after the Middle East war. Finance Minister Lee Hyoung-il said Korea has not decided whether to invest or how much. The project, called Project North, involves a roughly 1,300-kilometer pipeline from Alaska’s North Slope to Nikiski and LNG shipments to Asian markets.

U.S. Commerce Secretary Howard Lutnick put the prospective Korean investment in the Alaska LNG project at more than $50 billion, but Seoul said no investment amount has been agreed.

Project North would transport natural gas from Alaska’s North Slope to Nikiski, where it would be liquefied before shipment to Korea, Japan and other Asian markets.

Finance Minister Lee Hyoung-il said any investment decision would depend on the project’s commercial merits and the likelihood of recovering the investment.

The separate Project Power nuclear initiative has a total proposed cost of $120 billion, and an advance payment would require completion of domestic legal and parliamentary procedures.

Key terms for Project Power, including the timing and amount of investment recovery, remain under negotiation.

Published Oct 6, 2026 4:01 pm KST

Finance minister says $10 bil. US nuclear payment requires domestic approvals

Industry Minister Kim Jung-kwan speaks during a parliamentary audit at the National Assembly, Tuesday. Yonhap

Industry Minister Kim Jung-kwan reaffirmed Tuesday that Korea would participate in the Alaska liquefied natural gas (LNG) project only if it proves to be commercially viable, saying the government has just begun reviewing the proposal.

He added, however, that while poor economics had long held the project back, the Middle East war had strengthened its strategic importance.

“There is no question that weak commercial reasonableness kept the project from moving forward. But the Middle East war has created new strategic value,” Kim told lawmakers during a parliamentary audit. “If the project succeeds and Korea can secure LNG from Alaska, there would clearly be strategic benefits.”

He made the comments in response to a question from Rep. Choi Soo-jin of the main opposition People Power Party.

Choi accused Washington of presenting a large Korean investment as a foregone conclusion despite the project having stalled for four decades because of poor economic viability. She pointed to language in a joint fact sheet stating that work would begin on the project.

“With economic viability and feasibility still unverified, the two countries’ differing accounts have damaged diplomatic credibility and opened the door to retaliatory tariffs,” Choi said.

Kim disputed that interpretation, explaining that the agreement covered the start of a review and that commercial viability would remain a condition for participation.

“As we have explained repeatedly, agreeing to begin a review is premised on commercial reasonableness,” Kim said.

Finance Minister Lee Hyoung-il speaks during a parliamentary audit at the National Assembly, Tuesday. Yonhap

Finance Minister Lee Hyoung-il also told lawmakers during a parliamentary audit that Korea had yet to decide whether to invest or how much to commit.

Lee said the decision would depend on the project’s commercial merits and the likelihood of recovering the investment.

“The project is at the initial review stage, and we still need to assess its commercial reasonableness,” Lee said.

The venture, which Seoul and Washington have named “Project North,” involves carrying natural gas from Alaska’s North Slope to Nikiski on the southern coast through a pipeline stretching about 1,300 kilometers. After liquefaction, the gas would be shipped to Korea, Japan and other Asian markets.

Announcing the plans on Sept. 30, U.S. President Donald Trump said Korea had committed to investing in the Alaska LNG development. Commerce Secretary Howard Lutnick put the prospective investment at more than $50 billion.

Yet Seoul maintains that no commitment has been made and no investment amount has been agreed upon, describing the process as an initial assessment of the project.

U.S. Vice President JD Vance acknowledged Monday (local time) that some details still needed to be worked out with Korea.

“The pipeline is something that we really want to see happen and a lot of our Asian friends want to happen as well,” Vance said, according to a White House pool report. “It’s not just the South Koreans. The Japanese would love to see this pipeline. So I think it's something that's going to happen.”

He added, “Obviously, you still got to work out some of the details and the South Koreans, you know, have spoken to that.”

Meanwhile, regarding “Project Power,” a joint Korea-U.S. nuclear power initiative, Lee said an advance payment would require the completion of domestic legal procedures.

Asked about the U.S. request for $10 billion by year-end, he said Korea could transfer the funds after fulfilling all requirements under domestic law, including parliamentary procedures.

The nuclear initiative is being discussed at a total project cost of $120 billion. Key investment terms, including the timing and amount of investment recovery, remain under negotiation.

[COVER STORY] Korea-US $200 bil. investment talks hit last-stage hurdles over 'commercial viability'

President stresses 'commercial viability' in $350 bil. US investment talks

韩国产业通商资源部长官金正冠周二在首尔表示，韩国只有在阿拉斯加液化天然气项目被证实具有商业可行性的情况下才会参与，但他同时承认，中东战争后该项目的战略价值日益凸显。韩国财政部长李亨日表示，韩国尚未决定是否投资以及投资金额。该项目名为“北方工程”，包括一条从阿拉斯加北坡到尼基斯基的约1300公里长的管道，并将液化天然气输送至亚洲市场。

美国商务部长霍华德·卢特尼克表示，韩国对阿拉斯加液化天然气项目的潜在投资超过 500 亿美元，但首尔方面表示尚未就投资金额达成一致。

北方项目将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，然后再运往韩国、日本和其他亚洲市场。

财政部长李亨日表示，任何投资决定都将取决于项目的商业价值和投资回收的可能性。

另一项名为“电力项目”的核能计划，拟议总成本为 1200 亿美元，预付款需要完成国内法律和议会程序。

“电力项目”的关键条款，包括投资回收的时间和金额，仍在谈判中。

发布于2026年10月6日下午4:01（韩国标准时间）

财政部长称，100亿美元的美国核能支付款项需要国内批准。

周二，产业通商资源部长官金正冠在国会出席国会审计听证会并发表讲话。（韩联社）

韩国产业通商资源部长官金正冠周二重申，韩国只有在阿拉斯加液化天然气（LNG）项目被证明具有商业可行性的情况下才会参与该项目，并表示政府才刚刚开始审查该提案。

但他补充说，虽然经济状况不佳长期以来阻碍了该项目的发展，但中东战争加强了其战略重要性。

“毫无疑问，商业合理性不足阻碍了该项目的推进。但中东战争创造了新的战略价值，”金在国会听证会上对议员们说。“如果该项目成功，韩国能够从阿拉斯加获得液化天然气，显然会带来战略利益。”

他是在回应主要反对党国民力量党议员崔秀珍的提问时发表上述言论的。

崔女士指责华盛顿方面将韩国的大规模投资描绘成板上钉钉的事，尽管该项目由于经济可行性差而停滞了四十年。她指出，一份联合情况说明书中曾明确表示该项目即将开工。

崔表示：“由于经济可行性和可行性尚未得到证实，两国说法不一，损害了外交信誉，并为报复性关税打开了大门。”

金对这种解释提出异议，解释说该协议涵盖了审查的开始，商业可行性仍是参与的条件。

金说：“正如我们反复解释的那样，同意开始审查的前提是商业上的合理性。”

韩国财政部长李亨日周二在国会出席国会审计听证会并发表讲话。（韩联社）

韩国财政部长李亨日在国会审计期间也告诉议员们，韩国尚未决定是否投资或投资多少。

李表示，该决定将取决于项目的商业价值和投资回收的可能性。

李说：“该项目目前处于初步审查阶段，我们还需要评估其商业合理性。”

首尔和华盛顿将这项合作项目命名为“北方计划”，计划通过一条长约1300公里的管道，将阿拉斯加北坡的天然气输送到南部海岸的尼基斯基。液化后，天然气将被运往韩国、日本和其他亚洲市场。

美国总统唐纳德·特朗普于9月30日宣布了这项计划，称韩国已承诺投资阿拉斯加液化天然气项目。商务部长霍华德·卢特尼克估计，潜在投资额将超过500亿美元。

然而，首尔方面坚称尚未做出任何承诺，也未就投资金额达成任何协议，并将此过程描述为对该项目进行初步评估。

美国副总统万斯周一（当地时间）承认，一些细节仍需与韩国商定。

据白宫随行记者团报道，万斯表示：“我们非常希望看到这条输油管道建成，我们的许多亚洲朋友也希望如此。不仅仅是韩国人，日本人也渴望看到这条输油管道建成。所以我认为它一定会建成。”

他补充说：“显然，还有一些细节需要敲定，而韩国方面已经谈到了这一点。”

与此同时，关于韩美联合核电项目“电力计划”，李表示，预付款需要完成国内法律程序。

当被问及美国要求韩国在年底前提供 100 亿美元援助时，他表示，韩国可以在满足国内法律规定的所有要求（包括议会程序）后转移这笔资金。

该核能计划的总投资额预计为1200亿美元。包括投资回收时间和金额在内的关键投资条款仍在谈判中。

【封面故事】韩美2000亿美元投资谈判因“商业可行性”问题陷入最后阶段僵局

总统强调3500亿美元美国投资谈判的“商业可行性”。