Kwon Chil-seung “Alaska LNG will be continuously reviewed in the future… Adhering to the principles of commercial rationality and national interest”

Kwon Chil-seung “Alaska LNG will be continuously reviewed in the future… Adhering to the principles of commercial rationality and national interest”

(Seoul = Yonhap News) Reporters Kim Jeong-jin, Park Jae-ha, Oh Gyu-jin, and Choi Joo-seong = When U.S. President Donald Trump announced Korea's investment in the U.S., the Democratic Party of Korea focused on highlighting the results of the negotiations, but also emphasized that the Alaska LNG project was not confirmed.

Policy Committee Chairman Kwon Chil-seung evaluated the investment project in the United States at a policy coordination meeting held at the National Assembly on this day, saying, "It is a meaningful achievement that protects national interests based on commercial rationality through intense consultation between Korea and the United States."

Policy Committee Chairman Kwon mentioned the Texas gas-fired combined cycle power plant construction project, which was selected as the first project, and said, "In the field of nuclear energy, we expect that our company will be able to expand its entry into the U.S. market, including participation in power plant construction and operation and export of equipment, and expand its base for entry into the global market based on the business experience it has secured."

Regarding the Alaska LNG development project, which is causing controversy following President Trump's announcement, he only mentioned, "We have decided to continue reviewing it in the future."

Policy Committee Chairman Kwon emphasized, "The government must consistently adhere to the principles of commercial rationality and national interest in subsequent project discussions," and added, "The National Assembly will also continuously check whether strategic investments in the United States are promoted in accordance with the principles and procedures established in the original agreement and special law."

Secretary-General Jeong-ae Han also said on Facebook, "We will decide whether to invest in the Alaska LNG project after sufficiently reviewing it in accordance with domestic legal procedures in accordance with the principles of commercial rationality."

Rep. Oh Ki-hyung, the ruling party secretary of the National Assembly's Finance and Economy Committee, also cited the provision of the Korea-U.S. Strategic Investment Act, which states that investment projects in the United States must receive the consent of the National Assembly's standing committee, and wrote, "The National Assembly will review and judge based on commercial rationality."

Within the party, an uncomfortable atmosphere was felt as President Trump's announcement went ahead of the actual contents of the negotiations between Korea and the United States.

A member of the National Assembly's Industry, Trade, Energy, Small and Medium Venture Business Committee said in a phone call with Yonhap News, "I understand that the Alaska LNG investment was 'let's review it more in terms of commercial rationality,' but President Trump made the announcement unilaterally. It appears to be due to his own political interests."

A member of the National Assembly's Finance and Economy Committee also said, "(President Trump) has gone ahead of the curve," and added, "It should be seen as a promotion ahead of the midterm elections."

However, the prevailing trend is that we must be cautious in how we respond to President Trump's announcement.

A member of the Trade, Industry and Energy Committee said, “I wonder if it is appropriate for the party leadership to send out a message too heavily,” and expressed his thoughts, saying, “We need to discuss response measures at the standing committee level.” A member of the Finance and Economy Committee said, “We need to watch the response of the trade authorities.”