South Korean officials say Trump’s Alaska LNG investment claim exceeds agreed terms

South Korean officials said this week that the country has not yet committed to investing in the Alaska LNG project, despite President Donald Trump’s announcement that South Korea would back the venture with $54 billion. The Korean government said the project is still subject to a review under a memorandum of understanding and that no investment amount has been finalized.

Industry Minister Kim Jung-kwan told reporters that Trump’s statement "went far beyond what was agreed," and the Ministry of Trade, Industry and Resources added that the project must meet legal and commercial preconditions before any funding can be confirmed.

Alaska’s senior officials, including Governor Mike Dunleavy and Rep. Nick Begich, said they expect South Korea to ultimately invest, citing the president’s remarks and a joint U.S.–Korea fact sheet that references cooperation on the Alaska LNG project.

Former Alaska gas-line coordinator Larry Persily described the White House event as a political campaign stunt, noting the absence of any South Korean company representatives and questioning the project’s commercial viability.

Industry observers said the announcement does not change the project's status. Brad Keithley, a former oil-and-gas attorney, said a deal requires agreement from both sides and that the president’s comments reflect hope rather than a binding commitment. University of Alaska Anchorage economist Brett Watson said the announcement leaves many questions about timing and terms unanswered.

The Alaska Gasline Development Corp., a state-owned partner in the project, issued a cautious statement that it will continue to evaluate the opportunity while safeguarding state interests. Glenfarne, the lead developer, said it will work with U.S. and Korean officials to finalize investment structures and conduct due diligence.