Taiwan agrees to buy 30% of gas from Alaska LNG project, Trump says
U.S. President Donald Trump said Tuesday that Taiwan had agreed to buy 30% of the gas from a pipeline project in Alaska.
Key points
- Trump said Taiwan agreed to buy 30% of the gas from a proposed Alaska LNG project.
- Trump also claimed South Korea committed $50 billion and would invest $4.4 billion more.
- Taiwan imports over 90% of its energy and expects 2.5% annual demand growth through 2035.
U.S. President Donald Trump said Tuesday that Taiwan had agreed to buy 30% of the gas from a proposed liquefied natural gas project in Alaska. Speaking at a rally in Alaska, Trump said the commitment covers the next 20 years and "guarantees a success."
The terms of the Taiwan deal cited by Trump were not immediately clear. The White House, Taiwan's energy ministry and CPC Corp. did not immediately respond to CNBC's requests for comment.
South Korea claims and pressure
Trump's remarks follow repeated claims earlier this month that South Korea had agreed to join the $50 billion Alaska LNG project, even as Seoul maintained that its participation had not been finalized. Trump said South Korea would also invest $4.4 billion into the project, on top of the $50 billion already committed.
Trump has stepped up pressure on South Korea over its participation, warning earlier this month that he would charge the country more and threatened to double the charges if Seoul failed to sign soon. He did not specify what would be doubled, prompting speculation in South Korean media that he was referring to higher tariffs.
Taiwan has just agreed to buy 30% of the gas coming off the pipeline for the next 20 years.
— Donald Trump
Taiwan energy demand and prior deal
Last year, Taiwan's state-owned energy company CPC Corp reportedly reached an agreement with Alaska Gasline Development Corp to purchase LNG and invest in the pipeline project.
Taiwan, home to semiconductor giant TSMC, has seen energy demand climb due to AI-related growth. The island relies on imports for more than 90% of its energy supply and this summer projected its average electricity demand growth rate through 2035 would exceed that of Japan and South Korea.
Taiwan's economic affairs ministry said that growth rate would climb by about 2.5% a year, the second-highest forecast in its history. The democratically self-ruled island is still waiting on major new arms sales from the U.S.
Glenfarne, the developer of the Alaska LNG pipeline, told the U.S. government in a report this month the project aims to deliver its first gas in 2029.
