U.S. Highlights South Korea's Role in Energy Strategy Under Trump
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Synopsis
A senior U.S. energy official highlighted South Korea's pivotal role in the Trump administration's energy export initiatives during a recent energy forum, emphasizing strong bilateral cooperation and investment opportunities in LNG and other sectors.
Key Takeaways
- South Korea's role is crucial in U.S. energy strategy.
- Discussions on Alaska's LNG project ongoing.
- Trump administration focuses on energy independence from China.
- Investment from South Korean firms in U.S. energy assets.
- DOE is taking steps to enhance LNG exports.
Seoul, April 18 (NationPress) A prominent U.S. energy official emphasized South Korea's increasing importance in the energy export strategies of the Donald Trump administration during a video address at an energy forum organized by the American Chamber of Commerce in Korea (AMCHAM) in Seoul. Tommy Joyce, the acting assistant secretary for international affairs at the U.S. Department of Energy (DOE), stated that Seoul is a vital ally in Washington's energy initiatives, as reported by Yonhap news agency.
Joyce acknowledged, "South Korea and each of you in Seoul are absolutely essential allies in this pursuit," during his speech directed at business representatives gathered at a hotel in Seoul. He mentioned that South Korea has a pivotal role in facilitating American energy exports and in supporting President Trump's vision of establishing supply chains that are independent of China.
This statement comes amid ongoing discussions regarding South Korea's potential involvement in a proposed liquefied natural gas (LNG) infrastructure project in Alaska.
Recently brought to attention by Trump, this project aims to construct a pipeline from the gas-abundant North Slope to southern Alaska, wherein natural gas would be liquefied and exported, primarily targeting Asia.
Just last week, South Korea's acting President Han Duck-soo engaged in a phone conversation with Trump, discussing trade balance, tariff matters, and Seoul's significant purchase of U.S. LNG along with the financial contributions for the extensive military protection offered by the U.S., as noted in Trump's social media post.
Alaska Governor Mike Dunleavy conferred with senior South Korean officials and business leaders during his visit to Seoul last month to explore avenues for enhancing cooperation in the energy sector and beyond.
Joyce remarked, "The Trump administration is dedicated to unlocking 20 million tons per year of gas exports from Alaska and sees this as a tremendous opportunity to bolster Asia's energy security."
He highlighted that South Korean companies have already exhibited strong interest in U.S. energy investments, referencing Hanwha Group's acquisition of a 15-percent stake in Houston-based LNG firm NextDecade, along with POSCO Holding's efforts to explore potential gas reserve acquisitions.
"In the past four years, there has been a noticeable decline in investments in coal, oil, and gas infrastructure, leading to significant setbacks and detrimental impacts on energy affordability, reliability, and security. We are now actively reversing this trend," Joyce stated.
He noted that the DOE has initiated six LNG-related measures since Secretary Chris Wright's confirmation, including new export authorizations that will facilitate over 7 billion cubic feet per day of LNG exports.
Joyce also cited his home state of Tennessee as a testament to South Korea's expanding economic presence in the U.S., mentioning that Korean businesses have invested more than $4.5 billion and generated nearly 3,500 jobs in the region.
"We are dismantling bureaucratic hurdles and accelerating projects at unprecedented speeds, attracting South Korea and others seeking a profitable return on investment to the United States," he emphasized.
