By SUZANNE DOWNING
Sept. 30, 2026 — The White House announcement of a planned $54 billion South Korean investment in Alaska LNG follows months of agreements involving gas suppliers, overseas customers, construction companies, equipment manufacturers, and Alaska utilities.
In a joint release following Wednesday’s announcement, Sen. Dan Sullivan, Congressman Nick Begich, and Gov. Mike Dunleavy outlined the work that brought the project to this point — and the potential benefits for Alaskans if the long-awaited gasline reaches construction and operation.
Alaska LNG is among the first projects identified for strategic investment under the $350 billion investment package included in the 2025 U.S.-South Korea trade agreement, according to the release.
The announcement addresses the project’s enormous capital requirements while connecting Alaska’s natural gas resources to the administration’s broader effort to attract investment and expand American energy exports.
The Alaska Story previously covered the emerging investment proposal, Wednesday’s White House announcement, and, in a Wednesday morning column, the leadership and cooperation behind the project.
Watch the White House announcement here.
For Alaska households and businesses, the central promise is access to North Slope natural gas that could provide a dependable supply and lower energy costs.
Sullivan described Alaska LNG as “the single most important project for our state’s future,” pointing to its potential to create thousands of jobs, attract industries, supply Alaska-based military installations, and give young Alaskans more opportunities to remain in the state.
Begich said the investment announcement demonstrated what persistence and new approaches could accomplish after decades of efforts to develop Alaska’s gas resources.
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Dunleavy emphasized both domestic energy needs and Alaska’s position as a supplier to Pacific Rim allies. He credited Trump’s administrations with advancing permitting and making Alaska LNG a national priority.
The joint release also included a statement from Sen. Lisa Murkowski, who thanked Trump and the Alaska officials involved, specifically recognizing Sullivan’s leadership. She said she looked forward to learning more about the investment timing and other details.
“This has been a team effort, and we need to keep going until the gas is flowing,” Murkowski said. She did not make an appearance at the announcement in the Oval Office, however.
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The milestones along the way show how separate pieces of the project have been coming together:
- November 2025 — Major equipment selected. Glenfarne selected Baker Hughes to supply the main refrigerant compressors for the future LNG terminal and power-generation equipment for the North Slope gas treatment plant.
- Late 2025 — Phase One engineering advanced. Worley completed engineering and design work for Phase One that Glenfarne described as sufficient for a final investment decision. Worley was subsequently provisionally selected to provide engineering, procurement, and construction management services.
- January 2026 — Construction and supply arrangements advanced. Glenfarne announced a series of construction, line-pipe supply, and in-state gas agreements. Some awards remained conditional on definitive agreements.
- Feb. 20, 2026 — Federal land restrictions eased along the route. The Interior Department announced the partial revocation of Public Land Orders 5150 and 5180, opening approximately 2.1 million acres in the Dalton Utility Corridor north of the Yukon River for future conveyance to Alaska. The area includes part of the proposed pipeline route.
- Feb. 26, 2026 — Another major overseas buyer joined. Glenfarne announced a letter of intent with TotalEnergies for 2 million tonnes of LNG annually. Together with preliminary agreements involving JERA, Tokyo Gas, CPC, PTT, and POSCO, Glenfarne said it had accounted for 13 million of the 16 million tonnes annually it intended to place under contracts to finance the planned 20-million-tonne export project.
- May 18, 2026 — North Slope gas supply expanded. Glenfarne and ConocoPhillips Alaska announced a 30-year gas sales precedent agreement for Phase One. It followed previously announced agreements with Great Bear Pantheon, ExxonMobil, and Hilcorp Alaska.
- June 11, 2026 — Alaska worker hiring prioritized. Project company 8 Star Alaska signed a memorandum of understanding with three Alaska labor organizations prioritizing Alaska workers for construction and related project work.
- June 15, 2026 — An Alaska utility moved toward purchasing gas. Glenfarne announced a letter of intent with Chugach Electric Association for natural gas supplied through the Alaska LNG pipeline.
- Sept. 30, 2026 — The White House announced the investment plan. Trump announced the planned $54 billion South Korean investment, placing Alaska LNG among the initial projects identified under the larger trade and investment package.
These milestones show the progress in securing gas, identifying customers, arranging equipment and construction services, addressing land access, and assembling financing. All, in spite of the Alaska Legislature’s Democrat majority doing everything it could to kill the project.
Glenfarne has described Alaska LNG as two financially independent phases.
- Phase One would build the pipeline to bring North Slope gas to Alaska consumers.
- Phase Two would add the LNG export terminal and related infrastructure for overseas sales.
In its January announcement, Glenfarne targeted mechanical completion of the pipeline in 2028, followed by delivery of first gas in 2029. Those are developer targets; Wednesday’s investment announcement does not by itself establish a guaranteed construction or delivery schedule.
The announcement today lacked the remaining financial and commercial arrangements will determine how quickly the project can proceed. Those announcements are expected soon.
