Trump says South Korea is still studying Alaska LNG, threatens to 'double it up'

Glenfarne Group says the Alaska LNG project needs South Korean financing to reach a final investment decision, the point at which construction could begin. Glenfarne owns 75% of the project; the State of Alaska owns 25% through the Alaska Gasline Development Corporation. President Donald Trump acknowledged Friday that South Korea has not signed on, two days after the White House presented Seoul's participation as a $54 billion investment.

"They're still studying it," Trump said in an informal gaggle as he left the White House for Alabama, responding to a question about South Korea's statement that it had not signed off. Denying he had jumped the gun, he said "they were there and they were represented. And let's see, if they don't want to do it, that's okay with me." Then: "Tell them if they don't sign shortly, I'm going to double it up, okay?" He did not say what would be doubled, by how much, or by when; the gaggle moved on to diesel exports.

South Korean President Lee Jae Myung said Thursday that work would begin on two conditions: "1) commercial viability is confirmed and 2) it complies with South Korean legal procedures." A U.S. Department of Commerce statement said the countries agreed to begin work "subject to meeting commercial reasonableness" and domestic legal requirements. An earlier Alaska News article, Seoul protested U.S. Alaska LNG announcement, says investment remains under review, reported Seoul's objection to the announcement.

Glenfarne says the Korean money would carry the project to that decision, and it reports commercial agreements covering 13 of the 16 million tonnes per year of LNG sales it needs. The project includes an 807-mile, 42-inch pipeline from the North Slope and a 20-million-tonne-per-year LNG terminal at Nikiski. Alaska News has previously reported the developer's statement that the in-state pipeline timeline depends on a tax deal from the Alaska State Legislature and regulatory approval of a Southcentral Alaska gas supply agreement.