President Donald Trump said Wednesday that he has launched the Alaska liquefied natural gas project, touting a $50 billion investment from South Korea and a large purchase commitment from Taiwan. Taiwan’s government said talks are progressing but that details of its investment have yet to be worked out. South Korea’s government has said previously that its participation has not been finalized.
In a post on Truth Social, Trump wrote that he “was just in Alaska launching the largest Energy Infrastructure Project in Alaska History.” He said South Korea’s $50 billion investment is part of its trade and investment deal with the United States.
Trump also said Commerce Secretary Howard Lutnick had secured a commitment from Taiwan to buy $70 billion to $80 billion worth of gas, which he said amounts to “30% of the Pipeline for the next 20 years.” He called it “the largest Offtake Agreement in History.” He said Taiwan had also agreed to invest $4.4 billion in equity and described the project as a “U.S. Federal Government Project” with all necessary permits secured.
Trump made similar remarks Tuesday at a rally in Wasilla, Alaska, for Republican Sen. Dan Sullivan, according to Reuters. Sullivan faces a tight race against Democrat Mary Peltola ahead of the Nov. 3 midterm elections.
Taiwan’s Ministry of Economic Affairs said in a statement that state-owned CPC Corp. has made significant progress with the project’s U.S. developer after about 1½ years of negotiations and evaluation since signing a letter of intent in March 2025, Taiwan’s Central News Agency reported. Under the current plan, CPC would buy 6 million metric tons of LNG a year once production begins and invest up to $4.4 billion in the project, the ministry said. It said supplies could begin as early as 2032 if the project stays on schedule. The statement did not address Trump’s dollar figure for the purchase commitment.
Details such as the investment structure and equity stakes remain undecided, the ministry said, adding that CPC will continue to coordinate with the U.S. side, carry out project studies and budget procedures, and proceed according to negotiation results and commercial contract procedures. Reuters reported that the ministry did not say whether a binding sales agreement has been signed.
In Taiwan, the opposition criticized the government. Chen Ching-lung, caucus whip of the Taiwan People’s Party, told reporters after a news conference Wednesday that President Lai Ching-te’s government “had no choice but to bow its head,” the Liberty Times reported. Chen questioned whether the purchase was linked to CPC’s request for budget subsidies and urged CPC and the ministry to explain to the legislature. China’s Foreign Ministry said the governing Democratic Progressive Party would not succeed in pursuing Taiwan independence under the cover of economic and trade ties.
Trump announced Sept. 30 that South Korea’s U.S. investment package would include the Alaska project. Seoul has said it is still reviewing the project and has not committed. President Lee Jae Myung said on social media at the time that Seoul agreed to begin working-level talks on the condition that the project’s commercial viability is confirmed and South Korean legal procedures are followed. A joint fact sheet signed by the two countries says they agreed to begin a review of the project.
The project is estimated to cost $44.5 billion to $54.5 billion and would produce 20 million metric tons of LNG a year, according to Reuters. It has been discussed for decades, but the long pipeline needed to carry gas from Alaska’s North Slope and the heavy capital requirements have left many in the industry skeptical of its commercial viability. The developer aims to make a final investment decision on the pipeline this year and on the export facility next year, with first exports targeted for 2031.
