U.S. Treasury Secretary on Fox News: "Japan Participating, China Also Interested"
Lutnick Firmly States: "Alaska Investment to Be Funded by South Korean Capital"
U.S. Treasury Secretary Scott Besant stated on October 30 (local time) that South Korea may participate in the Alaska liquefied natural gas (LNG) pipeline construction project. His remarks came shortly after U.S. Commerce Secretary Howard Lutnick treated South Korea's participation in the project as a given.
The Alaska LNG development is a massive project with an estimated investment of around 45 billion dollars, and securing commercial viability is key. Given the strong commitment of the Donald Trump administration to push the project forward, pressure on the South Korean government to participate is expected to intensify during discussions on U.S.-bound investments following the conclusion of the U.S.-Korea tariff negotiations.
In an interview with Fox News on the same day, Secretary Besant said, "Japan will be part of the large-scale (LNG) pipeline construction project that the United States is building in Alaska," adding, "South Koreans could also be part of the project."
He explained, "Japan purchases a significant amount of LNG from Russia, accounting for about 10% of its domestic demand," and added, "Over time, they will gradually move away from reliance on Russia."
Secretary Besant also revealed that China has expressed interest in participating in the project. He said, "President Xi Jinping of China unilaterally mentioned his desire to participate in the project during today's (U.S.-China summit) meeting."
Secretary Besant emphasized, "This is a level of energy dominance never before seen in the United States," adding, "This project not only creates jobs but also enhances strategic security. The United States will leverage one of its greatest global strengths to supply energy worldwide and wrest leadership away from Russia."
The Alaska LNG development is one of the Trump administration's key energy projects being actively promoted. Despite ongoing concerns about its economic viability due to the massive infrastructure investment required, the U.S. government has been persistently pressuring South Korea and Japan-countries that can guarantee access to the Asian market-to participate.
Secretary Lutnick went a step further by virtually confirming South Korea's participation. In a post on social media platform X (formerly Twitter) on October 30, the day after the U.S.-Korea summit and the abrupt conclusion of the tariff negotiations, he stated, "South Korea has agreed to invest 350 billion dollars in the United States." He added, "President Trump will direct at least 150 billion dollars toward shipbuilding in the United States, and the remaining 200 billion dollars will be invested in U.S. projects, including the Alaska natural gas pipeline, energy infrastructure, critical minerals, advanced manufacturing, artificial intelligence (AI), and quantum computing."
With two key Trump administration cabinet members consecutively pressuring South Korea to participate in the Alaska LNG development project, this issue is expected to be a major topic during discussions on the execution of the 350 billion dollars in U.S.-bound investments. South Korea has agreed to invest 200 billion dollars of the 350 billion dollars-promised in exchange for tariff reductions-in the form of cash investments. The government has not officially confirmed participation in the Alaska LNG development project, maintaining that it will only invest in projects that guarantee principal and interest protection and commercial rationality.
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