Minister An Duk-geun of the Ministry of Trade, Industry and Energy met with Mike Dunleavy, Governor of Alaska, on the 25th and noted, "I hope that cooperation between Korea and Alaska in various industries and the energy sector will be revitalized." He also requested support and attention from the State Governments to ensure that Korean corporations can maintain stable investments.
On that day, Minister An met with Governor Dunleavy, who was visiting Korea, to discuss energy cooperation, including the Alaska liquefied natural gas (LNG) project, and measures to revitalize trade and investment between Korea and Alaska, as well as between Korea and the United States.
Minister An stated, "As President Donald Trump signed an executive order on the first day of his inauguration to support the promotion of development in the Alaska region, I hope that cooperation between Korea and Alaska in various industries and the energy sector will be revitalized based on Alaska's limitless potential for development in the future."
Minister An and Governor Dunleavy assessed that "trade and investment between South Korea and the United States have continuously expanded, and the two countries have developed mutually beneficial industrial ecosystems across various fields, including energy and high-tech industries," expressing their commitment to strengthen future cooperation between the two countries.
Minister An emphasized the contributions to the U.S. economy through job creation and regional revitalization resulting from investments made by Korean corporations. He also highlighted that Korea is the largest importing country for Alaska, with imports totaling $1.17 billion.
Minister An urged, "Please provide attention and support at the State Governments level so that our corporations, which are currently actively entering the United States, can maintain and expand their investments steadily," and requested that, "In the future, major U.S. policies and systems be implemented and maintained steadily to facilitate active investments by us in the U.S."
Meanwhile, Governor Dunleavy's visit to Korea is said to be aimed at encouraging participation in the Alaska LNG project. Currently, the U.S. government is inviting participation from East Asian countries in the Alaska LNG project.
The Alaska LNG project is a large-scale venture to transport natural gas produced in northern Alaska through a 1,300-kilometer pipeline to the southern coast, liquefy it, and then export it. The total investment cost is estimated at $44 billion (approximately 64 trillion won).
As of now, only Taiwan has expressed its intention to participate in the Alaska LNG project. Taiwan's state-owned oil company, CPC Corporation, Taiwan, signed a letter of intent for LNG purchase and investment with the Alaska Gasline Development Corporation on the 21st, when Governor Dunleavy visited Taiwan.
U.S. Secretary of the Interior Deb Haaland congratulated Governor Dunleavy on social media platform X regarding the news of Taiwan's participation in the Alaska LNG project, stating, "I expect similar achievements from Korea, Japan, and Thailand."
However, our government has stated that it will make a careful decision after meticulously reviewing the feasibility of the Alaska LNG project. Due to the nature of Alaska, construction and operating costs may exceed expectations, and the regional corporate tax rate in Alaska is high. Global energy consulting firm Wood Mackenzie has previously rated the Alaska LNG project as "one of the least competitive projects in the world" back in 2016.