US seeks to convene Japan, South Korea for LNG summit in Alaska

The US National Energy Dominance Council is seeking to convene officials from the trade ministries of Japan and South Korea for an LNG summit in Alaska on June 2, according to a person familiar with the matter said April 25, confirming an earlier report by the New York Times.

The project's proponents want to be able to announce at the summit that they have received signed letters of intent from Japan and South Korea to invest in Alaska LNG or purchase its gas, the Times reported April 24, citing three people with knowledge of the matter.

South Korea and Japan have both said they would look to increase their imports of US LNG and consider the Alaska LNG project, at a time when many countries are seeking to lower their trade imbalances with the US following broad tariffs imposed by the White House earlier this month.

An official at Japan's Ministry of Economy, Trade and Industry said April 25 that the ministry was aware of the reported summit, while South Korea's Ministry of Trade, Industry and Energy officials declined to comment on the report.

The development follows the signing of a letter of intent on March 20 between government-owned CPC Corp. and the Alaska LNG project to purchase 6 million mt/year of LNG.

The National Energy Dominance Council, which is chaired by US Interior Secretary Doug Burgum, was established following an executive order signed by Trump on Feb. 14 to boost energy production. It builds on Trump's campaign pledge to make energy a cornerstone of his administration's priorities.

The White House and the Interior Department declined to answer questions about the Alaska summit. A White House official provided a statement from a US Department of Energy spokesperson saying "Alaska LNG has massive potential -- It will be one of the greatest energy infrastructure projects in our nation's history."

"By providing access to more than 120 trillion cubic feet of natural gas, Alaska LNG will provide enormous energy security to the United States and its allies, thousands of high-paying jobs, and is estimated to reduce the United States trade deficit by $10 billion annually," the administration said.

The Alaska LNG project has struggled for years to overcome long-running challenges, including a high estimated cost of $44 billion and difficulty securing customers, but Trump's support has led to renewed optimism among project proponents.

First buyer

Tokyo Gas was the first Japanese buyer to import LNG from Alaska's Kenai, alongside Tokyo Electric Power Co., in 1969. Tokyo Gas continued to import LNG from Alaska until fiscal year 2010-11 (April-March), during which it imported a total of 139,000 mt.

In December 2017, Tokyo Gas signed a letter of intent for a new 20-million-mt/year LNG project in Alaska, developed by the Alaska Gasline Development Corp., or AGDC. The project involves treating natural gas produced from the North Slope gas field, transporting it to the Nikiski LNG terminal and liquefying the gas.

A Tokyo Gas spokesperson said April 25 that the company has not received any invitation regarding the reported Alaska summit.

An INPEX spokesperson said April 25: "Regarding Alaska LNG, our company continues to gather information neutrally, as we have in the past, and nothing has been determined at this time. We refrain from commenting on the specifics of individual projects or participation in specific summits."

INPEX President and CEO Takayuki Ueda in February said the company could consider the project if it begins to take shape.

Administration's priority

In his speech to Congress on March 4, Trump said, "My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea and other nations want to be our partners with investments of trillions of dollars each."

"It will be truly spectacular. It is all set to go," Trump added.

On April 9, less than a day after they went into effect, Trump paused country-specific reciprocal tariffs, including a 24% tariff on Japan and a 25% tariff on South Korea, for 90 days while leaving a broad 10% tariff in place.

US Treasury Secretary Scott Bessent said April 8 that a major energy deal in Alaska involving Japan, South Korea and Taiwan could help narrow the US trade deficit with these countries.

US LNG

Japan imported 6.34 million mt of US LNG in 2024, accounting for 9.6% of the country's total LNG imports of 65.89 million mt, according to data from the Ministry of Finance.

South Korea imported 5.636 million mt of LNG from the US in 2024, up 10.2% year over year and accounting for 12.2% of the country's total imports of 46.318 million mt, according to data from the Korea Customs Service.

The 20-million-mt/year Alaska LNG project had struggled to gain traction for years amid the state's long-running challenges, including high project costs and difficulty securing customers. This led the state to shift its efforts toward turning the project over to private interests.

US-based Glenfarne, which signed a deal March with the AGDC giving it 75% ownership of the project, said March 28 that it expects to reach a final investment decision in 2025 on a portion of an 800-mile pipeline that would connect Alaska North Slope supplies to the export terminal in Nikiski, located on the Kenai Peninsula in the southern part of the state.

Glenfarne and the state-run entity, the AGDC, referred questions about the summit to federal officials.

Alaska Governor Mike Dunleavy, speaking in March at the CERAWeek energy conference by S&P Global Commodity Insights in Houston, said he expects the LNG project to start within five years, with interest from Japan, South Korea and Taiwan.