President Donald Trump is set to announce a major energy investment package Wednesday that includes $54 billion for Alaska's long-delayed liquefied natural gas (LNG) project, as Republican Senator Dan Sullivan faces a competitive reelection race less than five weeks before the midterm elections. According to information the White House provided to Newsweek, the investment will be part of a broader commitment from South Korea under the U.S.-Korea Trade and Investment Initiative. The administration says South Korea will commit $200 billion in investments tied to last year's trade agreement, including $54 billion for the Alaska LNG pipeline project.
The White House told Newsweek that Trump will formally unveil the investment during an Oval Office event Wednesday afternoon alongside senior administration officials and Alaska political leaders, including Sullivan, Governor Mike Dunleavy and Representative Nick Begich. "Today, President Trump will announce major energy infrastructure investments that deliver on his day one promises to unleash American energy, unlock Alaska's extraordinary resource potential, and accelerate America's nuclear energy renaissance," White House spokeswoman Taylor Rogers said in a statement to Newsweek. "Unlike the Democrats' energy subtraction policies, this President's energy dominance agenda continues to cement the United States as the energy capital of the world." The investment announcement follows a similar White House event earlier this week, when Trump highlighted plans for a multibillion-dollar steel project in Iowa, another state featuring a closely watched Senate contest.
The Alaska LNG project has been discussed for years but has struggled to secure the financing needed to move forward. The proposal centers on an 807-mile natural gas pipeline connecting Alaska's North Slope energy reserves to an export terminal in southern Alaska. The administration says the project would transport about 3.9 billion cubic feet of natural gas per day and export up to 20 million metric tons of LNG annually to foreign markets, particularly in Asia.
The White House cast the investment as a direct result of the trade and strategic investment agreement reached with Seoul in 2025. Beyond the Alaska project, administration officials said South Korean capital will also flow into eight large-scale nuclear power plants and a 6-gigawatt power generation facility in Texas. The administration says that the Alaska project would bolster U.S. energy production, strengthen ties with South Korea and other Asian allies, and reduce energy costs for Alaskans.
Trump is scheduled to make the announcement at the White House at 3:30 p.m. The event is expected to feature Energy Secretary Chris Wright, Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and other officials involved in the administration's energy agenda. The announcement arrives amid growing political pressure on Republicans ahead of November's elections.
Republicans currently hold the Senate majority, and Democrats need a net gain of four seats to take control of the chamber. Democrats have targeted Alaska as one of several opportunities to gain Senate seats, with former Democratic Representative Mary Peltola mounting a serious challenge to Sullivan. Newsweek reached out to the Sullivan and Peltola campaigns via email Wednesday morning for comment on the LNG pipeline project.
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