Media reports: South Korea and the US agree to invest more than $20 billion in gas plants in Texas
South Korea and the United States agreed to a $22.3 billion investment by Seoul in a gas project in Texas, according to a report from the Korean media outlet Edaily, citing anonymous officials and politicians.
According to media reports, the project would be Seoul’s first U.S. Investment under last year’s trade agreement. It aims to build?a 6.3 gigawatt gas plant?in Encinal, Texas to meet rising demand for power?for AI data centres.
The investment would be part of the trade agreement signed between the two allies in which Seoul pledged $350 Billion worth of U.S. investment?in return for favorable?U.S. tariffs. Tariffs are imposed on South Korean imports.
Reports did not mention whether Seoul would cover the entire cost of the Texas Project.
The reports stated that Seoul was also looking at other possible projects in the United States. These include building a large-scale nuke power plant, or a project to liquefy natural gas in Alaska.
The South Korean 'Industry Ministry' said that reports about the Texas gas project were inaccurate and that Seoul and Washington are still in consultations, so it is difficult to confirm any specific details.
The South Korean government will make an announcement when it has completed negotiations with the U.S., and after taking into consideration procedures like parliamentary approval.
In a separate statement, the Ministry said that no decision has been taken on the construction of a nuclear plant in the United States.
(source: Reuters)
