TOO RISKY TO SHOULDER THE COST BURDEN ALONELast month, President Trump, in a transactional approach focused on US industry gains, said in an address to the US Congress that South Korea, Japan and other countries want to partner with the US in the gas pipeline project in Alaska, claiming they would invest “trillions of dollars each.”Despite Trump’s optimistic tone, however, analysts said Korean participation is uncertain.
Even securing long-term LNG offtake agreements may prove challenging, with questions remaining over timing and volume commitments, analysts said.“Given the scale and the risks, it is evaluated as a very high-risk project for now,” said an energy expert in Seoul.“However, forming a consortium among buyer countries could improve objectivity in decision-making and help to mitigate some of the risks.” DIFFERENT APPROACHESYet, differences in stance are already emerging among the potential participants.
South Korea has proposed forming a consortium with Japan, Taiwan and Vietnam to jointly assess the feasibility of investing in the $45 billion Alaska LNG project, a move that could reshape regional energy cooperation amid US pressure to deepen economic ties.
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