Seoul, April 18 (IANS) A senior US energy official on Friday underscored South Korea’s growing significance in the Donald Trump administration’s push to expand American energy exports and diversify global supply chains.
Speaking via video remarks at an energy forum hosted by the American Chamber of Commerce in Korea (AMCHAM) held in Seoul, Tommy Joyce, acting assistant secretary for international affairs at the U.S. Department of Energy (DOE), said Seoul remains a critical ally in Washington’s energy agenda, reports Yonhap news agency.
“South Korea and each of you in Seoul are absolutely essential allies in this pursuit,” Joyce said in his remarks addressed to business representatives at a Seoul hotel. “South Korea plays an important role in unleashing American energy and supporting President Trump’s vision of building supply chains independent of China.”
His comments come as discussions continue over South Korea’s potential participation in an envisioned liquefied natural gas (LNG) infrastructure project in Alaska.
Recently highlighted by Trump, the project aims to develop a pipeline from the gas-rich North Slope to southern Alaska, where natural gas would be liquefied and exported, primarily to Asia.
Last week, South Korean acting President Han Duck-soo held a phone conversation with Trump, where they discussed the trade balance and tariff issues, as well as Seoul’s “large scale purchase of U.S. LNG” and “payment for the big time military protection” provided by the U.S., according to Trump’s social media post.
Alaska Gov. Mike Dunleavy met with senior South Korean officials and business representatives during his visit to Seoul last month to discuss ways to expand cooperation in the energy and other sectors.
“The Trump administration is committed to unlocking the 20 million tons per year of gas exports from Alaska and views this as a fantastic option to strengthen Asia’s energy security,” Joyce said.
The DOE official noted that South Korean firms have already shown strong interest in U.S. energy assets, citing Hanwha Group’s acquisition of a 15-percent stake in Houston-based LNG company NextDecade and POSCO Holding’s exploration of potential gas reserve acquisitions.
“Over the past four years, there has been a lack of investment in coal, oil and gas infrastructure that has set the world back and led to catastrophic consequences for energy affordability, reliability and security. We are now reversing this course,” Joyce said.
He said the DOE has taken six LNG-related actions since Secretary Chris Wright’s confirmation, including new export authorisations that will enable more than 7 billion cubic feet per day of LNG exports.
Joyce also pointed to his home state of Tennessee as an example of South Korea’s growing economic footprint in the U.S., noting that Korean companies have invested over $4.5 billion and created nearly 3,500 jobs in the state.
“We are cutting bureaucracy and fast-tracking projects at breakneck speeds that South Korea and other folks like you that want a good return on investment look to the United States for,” he said.
—IANS
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