Key facts
- South Korea has chosen a Texas gas-fired power plant as its first investment project under a $350 billion commitment to the U.S.
- The Ministry of Trade, Industry and Resources presented the plan to the parliamentary trade committee.
- Future projects include eight large-scale nuclear reactors in the U.S. and a liquefied natural gas project in Alaska.
- South Korea is negotiating to acquire a 5% to 10% stake in Westinghouse for the nuclear reactor project.
- Investments will not proceed if annual totals exceed $20 billion or overall totals exceed $200 billion.
SEOUL, Sept. 22 (Yonhap) -- South Korea has selected the construction of a large-scale gas-fired power plant in Texas as its inaugural investment project under a $350 billion commitment to the United States, according to political sources. The Ministry of Trade, Industry and Resources presented this plan to the parliamentary trade committee during a closed-door session, following months of negotiations aimed at executing a joint fact sheet on South Korean investment pledges in exchange for lower U.S. import tariffs.
Further investment projects identified by the ministry include the construction of eight large-scale nuclear reactors in the U.S. and a liquefied natural gas project in Alaska. To facilitate the nuclear reactor project, South Korea is reportedly in discussions with the U.S. to secure a 5% to 10% stake in the American energy firm Westinghouse. The ministry indicated that these investments will not proceed if the total annual amount exceeds $20 billion or the overall total surpasses $200 billion. A committee member anonymously stated that the ministry believes the Texas project will be profitable, though details for the Alaska project remain unfinalized.