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Korea
'intends to cooperate' on Alaska LNG project, trade minister tells governor
By LEE JAE-LIM, Korea
JoongAng Daily - Minister of Trade, Industry and Energy Ahn Duk-geun and Alaska
Gov. Mike Dunleavy met in Seoul on Tuesday as the United States ramps up
pressure on its ally to sign onto its $44 billion natural gas pipeline
project.
Ahn affirmed Korea's intention to cooperate with the state on the pipeline
during the discussion, but has not yet signed on, the Industry Ministry said in
a statement Tuesday.
The minister emphasized Korea is Alaska’s largest importer and praised the
state's potential for energy partnerships based on its “infinite possibility
for growth,” citing President Trump’s executive order to lift restrictions on
its resource-rich areas.
The parties agreed that continuous investment between Korea and the United
States has been mutually beneficial in industries such as energy and technology
and expressed interest in further cooperation.
"Minister Ahn requested stable the operation and maintenance of U.S.
policies regarding Korea's U.S. investment, emphasizing Korean companies’
efforts that have contributed to the U.S. economy, such as job growth and
regional revitalization," the ministry said.
The meeting came as
part of Dunleavy’s two-day trip to Seoul, which began Tuesday, that will also
include meetings with acting President Han Duck-soo and acting U.S. Ambassador
to Korea Joseph Yun.
His visit aims to court
Korean businesses to Alaska's liquid natural gas (LNG) project, which aims to
build an 800-mile pipeline from Alaska’s North Slope to transport natural gas
to global markets, particularly in Asia. It aims to deliver 3.3 billion cubic
feet per day and reach annual export capacity of 20 million tons of LNG. The
governor said earlier this month that exports could begin by 2030.
Japan and Korea are the
world’s second- and third-largest importers of LNG respectively.
Taiwan recently signed
on, with the Taiwanese state-run energy company CPC Corporation and AGDC inking
a letter of intent to buy LNG and seek potential investment.
Seoul’s involvement in
the project serves as a bargaining chip in negotiations regarding Trump’s
reciprocal tariff measures, although it has previously been wary on joining the
initiative due to its costs and slow progress. U.S. officials such as Republican
Sen. Dan Sullivan of Alaska suggested to Korean politicians that the country
import more gas from Alaska and participate in the project in February,
followed Trump’s claim that Korea and Japan would invest "trillions of
dollars" in it next month.
Korea and the United
States agreed to form a working-level group to explore cooperation on the
Alaska project, and other energy-related issues earlier this month, according
to Ahn.
Dunleavy and his
delegation, which also includes officials from lead developer Glenfarne Group
and Alaska Gasline Development Cooperation, are also scheduled to meet with
executives from SK Group, Posco, Hanwha and SeAH Steel to discuss expanding
bilateral energy cooperation, as well as Gyeonggi Gov. Kim Dong-yeon and Korea
Gas Corp. CEO and President Choi Yeon-hye.
