Alaska Congressional Delegation, Governor Celebrate Historic $54 Billion Korean Investment in Alaska LNG

WASHINGTON —U.S. Senators Dan Sullivan and Lisa Murkowski, Congressman Nick Begich, and Governor Mike Dunleavy (all R-Alaska) today celebrated the White House announcement of a $54 billion investment by South Korea in the Alaska LNG project. Alaska LNG is among the first group of projects identified for strategic investment under the $350 billion investment package included in the 2025 U.S.-Korea trade deal. “Alaska LNG is the single most important project for our state’s future. The possibilities are limitless: providing low-cost energy for our hard-working families and businesses throughout our state for generations, creating thousands of good-paying jobs, attracting new industries and investment, supplying energy to our Alaska-based military, and giving young Alaskans more opportunities to build their futures here. That is why my team and I have been working relentlessly every day to move this project forward,” said Sen. Sullivan . “Today’s historic $54 billion investment by South Korea will represent the most consequential step yet toward making the Alaska LNG dream a reality. This project will also strengthen America’s energy security and provide our allies with reliable, abundant American energy from one of the world’s great energy superpowers—Alaska. I want to commend President Trump and his administration—especially Secretary Lutnick, who worked so hard on this Korea trade deal, and Secretaries Burgum and Wright—as well as Glenfarne for working hand-in-glove with me and my team, Senator Murkowski, Congressman Begich, Governor Dunleavy, and our state officials on a coordinated strategy to build alignment and maintain momentum behind Alaska LNG. We still have important work ahead of us, but after years of pushing, traveling, meeting, advocating, and refusing to listen to the naysayers, today is a day for Alaskans to celebrate.” “This unprecedented announcement moves our long-sought Alaska natural gas pipeline closer than ever to construction and operation. South Korea’s commitment to invest $54 billion to build the gasline will deliver significant benefits for Alaskans, from good jobs to affordable energy,” Sen. Murkowski said . “I look forward to learning more about the timing of South Korea’s investments and other key details of this agreement, and I thank President Trump and his administration, Senator Sullivan—who has led the way on this project—Congressman Begich, and Governor Dunleavy. This has been a team effort, and we need to keep going until the gas is flowing.” “This $54 billion investment in AKLNG represents a tremendous opportunity to build the infrastructure Alaska has talked about for decades and demonstrates what is possible when we put American resources on the table and refuse to give up on transformational opportunities for Alaska,” said Congressman Begich . “Alaskans have long understood that unlocking our extraordinary natural gas resources could fundamentally change the trajectory of our state. Today, that vision is closer to reality than ever before. Getting to this point required persistence and a willingness to find new pathways to unlock AKLNG after numerous roadblocks. Governor Dunleavy, Senators Sullivan and Murkowski and I remained committed to pursuing every viable pathway to move Alaska LNG forward, working closely with the administration to ensure Alaska was part of the conversation as the United States negotiated new trade and investment partnerships with our allies. I could not be more proud of what was accomplished for Alaska today, and I’m grateful to everyone who remained committed to finding a way forward for AKLNG.” “This is another significant step forward for Alaska LNG and indicates Alaska’s role as an energy supplier to our nation and our Pacific Rim allies,” said Gov. Dunleavy . “South Korea understands the tremendous opportunity Alaska LNG represents. This project can provide a reliable source of energy for Alaskans from their own resources, strengthen America’s energy security, open new markets for Alaska’s natural gas, and deepen the strategic partnership between the United States and South Korea. This whole process has been made possible by President Trump and his administration, as well as the support of Congressman Begich and Senators Sullivan and Murkowski. In the president’s first term, AKLNG got all the necessary permits. In his second term, he highlighted this project as one of the most important projects for the United States and Alaska. It’s through the President’s actions that we are at this place today.” Below is a timeline of recent progress made by the Alaska LNG project. On June 15, 2026, Glenfarne Alaska LNG announced that the company signed a Letter of Intent with Chugach Electric Association for the supply of natural gas from the Alaska LNG pipeline. On June 11, 2026, 8 Star Alaska LLC, the Alaska LNG project company majority-owned by Glenfarne, signed a Memorandum of Understanding with the Building and Construction Trades Council of Southcentral Alaska, the Fairbanks Building and Construction Trades Council, and the Alaska Petroleum Joint Crafts Council that prioritizes the hiring of Alaska workers for construction and related work on the project. On May 18, 2026, Glenfarne Alaska LNG and ConocoPhillips Alaska announced the companies have signed a 30-year gas sales precedent agreement to supply North Slope natural gas for Phase One of Alaska LNG. This announcement added to previously announced Gas Sales Precedent Agreements with Great Bear Pantheon, ExxonMobil, and Hilcorp Alaska. On February 26, 2026, Glenfarne Alaska LNG, the majority owner and developer of the Alaska LNG project, announced that it has signed a letter of intent with TotalEnergies, one of the world’s largest energy companies, for the offtake of two million tonnes per annum (MTPA) of liquefied natural gas (LNG) from the project. According to Glenfarne, between this agreement and prior agreements with JERA, Tokyo Gas, CPC, PTT, and POSCO, the company now has 13 of the 16 MTPA of gas accounted for in preliminary agreements that it intends to contract to finance the 20 MTPA project. On February 20, 2026, the Department of the Interior announced the partial revocation of Public Land Orders (PLO) 5150 and 5180, opening up 2.1 million acres of land within the Dalton Utility Corridor north of the Yukon River for future conveyance to the State of Alaska—an area that includes part of the proposed route for the Alaska LNG pipeline. In January 2026, Glenfarne Alaska LNG announced a series of agreements and contracts for the project, including construction, line pipe supply, and in-state gas agreements. At the end of 2025, Worley Group completed engineering and design work for Phase One of the Alaska LNG project “sufficient for a final investment decision.” The company was subsequently provisionally selected by Glenfarne Alaska LNG to provide engineering, procurement, and construction management (EPCM) for Phase One. In November 2025, Glenfarne Alaska LNG selected Baker Hughes, one of the world’s premier energy technology companies, to supply the main refrigerant compressors for the project’s future LNG terminal and the North Slope gas treatment plant’s power generation equipment. # # #