Alaska officials are planning a visit to Japan and South Korea to attract potential Asian investors for the $44-billion Alaska LNG project, a major initiative strongly supported by the Trump Administration.
The Alaska Gasline Development Corporation (AGDC), the state-owned firm behind the project, aims to advance the development of Alaska LNG, designed to deliver natural gas from the North Slope to local residents while exporting liquefied natural gas (LNG) to U.S. allies in the Pacific.
On his first day in office, President Donald Trump signed an executive order to unlock Alaska’s vast resource potential, with a focus on LNG development. The order emphasized the need to prioritize the permitting of pipeline and export infrastructure related to the Alaska LNG project, recognizing the economic and national security benefits it would bring to the U.S.
As part of its strategy, the U.S. Administration has been encouraging Japan and South Korea to import more LNG, aiming to reduce America’s trade deficit with its Asian partners.
In late March, AGDC officials and the project’s development partner, Glenfarne Group, will visit Asian countries to update industry leaders on Alaska LNG’s economic advantages and discuss investment opportunities. AGDC spokesperson Tim Fitzpatrick confirmed the visit, highlighting the project’s competitive edge.
Alaska’s Republican Governor, Mike Dunleavy, is also planning a trip to South Korea to discuss Alaska LNG, according to diplomatic sources. Earlier in the week, Governor Dunleavy stated that Alaska LNG could begin exporting by 2030.
Japan and Taiwan have shown interest in potential investments in the project, with Japanese trading giant Mitsui, known for its global LNG investments, considering support. Mitsui’s CFO, Tetsuya Shigeta, mentioned last month that the company could explore involvement in Alaska LNG.
South Korea and the U.S. are setting up a working group to discuss Alaska LNG and broader issues such as energy, shipbuilding, tariffs, and non-tariff barriers.
While there is interest from Asian partners, some Japanese companies have expressed concerns about the high costs of the project, given Alaska’s cold weather and the scale of the necessary pipeline infrastructure.