Glenfarne Group CEO and founder Brendan Duval / Courtesy of Glenfarne Group

Brendan Duval, CEO and founder of the Alaska liquefied natural gas (LNG) project's lead developer Glenfarne Group, expressed his confidence in the feasibility of the $44 billion project advocated by United States President Donald Trump, asking Korean partners for greater engagement in the project.

Duval is visiting Korea along with Alaska Gov. Mike Dunleavy and a number of key U.S. officials as part of their campaign to attract investments into the project. In an exclusive written interview with The Korea Times, Monday, Duval stressed that concerns over the feasibility of Alaska LNG are "outdated," and advantages from the project will offset its one-time construction cost.

"Alaska LNG will deepen the relationship between our countries by providing Korea with abundant, affordable and reliable LNG," Duval said. "Korean companies also have investment and manufacturing expertise that can help develop Alaska LNG in a way that is financially beneficial for both nations."

An overview of the Alaska LNG project / Courtesy of Glenfarne Group

The LNG project grabbed attention in Korea after Trump voiced his support for the project and specifically mentioned Korea as a possible "partner with investments" during a March 4 address to Congress.

The project started in 2014 under the goal of building a 1,299-kilometer-long pipeline that would send natural gas from Alaska's North Slope to a facility in Nikiski in the southern region, where the gas can be cooled to a liquid state and exported overseas.

By tapping into over 3.4 trillion cubic meters of gas reserves in Alaska, the project is aimed at producing 20 million tons of LNG per year, and its eco-friendly carbon capture facility is expected to remove 7 million tons of CO2 each year. The project is expected to deliver LNG starting in 2030 or 2031.

Glenfarne Group was selected as the lead developer of the project in January due to its experience with bringing large greenfield energy projects to fruition. Its business relationships cover Korean partners as well, including a memorandum of understanding with Samsung E&A over a hydrogen project in Chile. Since 2020, Glenfarne has run an office in Seoul, which is headed by Asia Chairman John Walker, who previously served as Macquarie Asia chairman.

Despite receiving legal approvals over the past decade, however, the project is still facing concerns due largely to the estimated cost of $44 billion, which will make it one of the most expensive LNG projects in the world. Due to this, Korean media outlets are interpreting Trump's remark as "a pressure" or "a bill" and urging the Korean government to ask the U.S. about tariff waivers in return for potential investments into the project.

"Concerns about the feasibility or cost of Alaska LNG are outdated," Duval said. "Alaska LNG's one-time construction cost is offset by much lower ongoing costs of purchasing natural gas from Alaska's stranded North Slope gas reservoir and lower shipping costs from Alaska's close proximity to Korea."

Duval stressed that natural gas produced through the project can reach Korea in a seven- to 10-day transportation, while also avoiding canal choke points and contested waters unlike other LNG projects.

Canal choke points refer to a narrow but strategic waterway or canal where a large volume of traffic converges, sometimes causing bottleneck disruptions in international trade. In 2021, when the Ever Given mega-container ship became grounded in the Suez Canal, the blockage held up an estimated $9.6 billion of goods every day.

Ever Given, one of the world's largest container ships, is seen after it was partially refloated in Suez Canal, Egypt, March 29, 2021. Reuters-Yonhap

"Alaska LNG's short shipping distance and inexpensive natural gas from Alaska's stranded North Slope basin allow Alaska LNG to deliver LNG to Korea at prices that are less expensive than other sources," Duval said. He said Taiwan's state-owned energy company CPC Taiwan signed a letter of intent to purchase LNG and invest in Alaska LNG last week because of such advantages.

"We will be updating Korean energy leaders about these important advantages, as well as Alaska LNG's other strategic advantages, which include reliability, security and strong U.S. political support, during our conversations this month," he said without elaborating on the political support.

Korea is now struggling with the Trump administration's increasing push to impose hefty tariffs on imports. The U.S. has been imposing a 25 percent duty on Korean steel imports since March 12, and the country now awaits another major tariff announcement slated for April 2.

Despite the growing uncertainties, the Korean government is facing limits in its engagement with the Trump administration, due to the domestic political turmoil stemming from President Yoon Suk Yeol's Dec. 3 martial law declaration and pending trial on his impeachment.

Duval said the friendship between Korea and the U.S. is "enduring and has stood the test of time" and he is confident that "momentary political questions will be inconsequential" to the two countries' long-term relationship.

"Korean companies are widely respected in the U.S., and Korean support for the development of Alaska LNG and the ability to receive decades of benefit from Alaska LNG will only strengthen our already deep and respectful economic ties," he said.