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Korea 'intends to cooperate' on Alaska LNG project, trade minister tells governor

Published: 25 Mar. 2025, 18:52

LEE JAE-LIM
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Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun and Alaska Gov. Mike Dunleavy pose for a photo in The Plaza Seoul hotel in central Seoul on March 25, following a meeting to discuss strengthening energy cooperation between Korea and the United States, which included Korea’s possible involvement in Alaska’s natural gas project. [INDUSTRY MINISTRY]

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.

From left, Glenfarne Group CEO Brendan Duval, James Kim, chairman and CEO of the American Chamber of Commerce in Korea (Amcham), Alaska Gov. Mike Dunleavy and Alaska Gasline Development Corporation President Frank Richards at the luncheon in central Seoul’s Four Seasons Hotel Seoul on March 25.

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.

BY LEE JAE-LIM [[email protected]]