Trump Set to Unveil $200 Billion of South Korean US Investments

President Donald Trump is expected to unveil plans for South Korea to invest $200 billion in US energy projects, including eight nuclear power plants, a Texas power generation facility and an Alaska natural gas export venture.

Trump is set to announce the South Korean commitments from the Oval Office on Wednesday afternoon, said a White House official who asked not to be identified because the details aren’t yet public. Bloomberg reported Korea’s planned $54 billion support for the Alaska LNG project previously.

Read More: Trump to Tout $54 Billion Korean LNG Plan in Battleground Alaska

The $200 billion in support represents the first tranche of projects to win backing under last year’s US-South Korea trade deal, with Seoul having pledged $350 billion in US investment. The announcements Trump is set to unveil involve fresh investment pledges.

The South Korean government has yet to publicly confirm the details of the announcement.

Under the new finance plans, Korea will steer support to eight large-scale nuclear power plants as well as a planned 6-gigawatt power plant in Encinal, Texas.

The announcements come amid deep voter dissatisfaction with the cost of living and Trump’s stewardship of the US economy, putting his fellow Republicans in danger of losing control of Congress in the November midterm elections.

White House spokeswoman Taylor Rogers said the projects deliver on Trump’s “day one promises to unleash American energy, unlock Alaska’s extraordinary resource potential, and accelerate America’s nuclear energy renaissance,” in contrast to “the Democrats’ energy subtraction policies.”

The long-planned Alaska LNG project has faced obstacles due to its large price tag and mammoth scale, including the challenge of constructing a 740-mile pipeline across the state. But Trump has repeatedly touted the planned venture, and his administration has sought to lure foreign capital — and contracts — to back it.

Privately held Glenfarne Group, which is developing Alaska LNG, has signed preliminary agreements with importers of liquefied natural gas but has stopped short of a final investment decision. Korea’s support is seen helping to unlock that milestone.

The venture would help transport natural gas from Alaska’s North Slope, enabling some of it to be used for power generation within the state while other supplies are liquefied and shipped overseas to Asian buyers.