Seoul, Washington Agree on $22.3 Billion Texas Gas Plant Plan
South Korea and the US have agreed on a $22.3 billion investment for a 6.3-GW gas plant in Texas, per media reports.
South Korea and the United States have reportedly settled on the scale of Seoul's planned investment in a Texas gas project, pegging it at around $22.3 billion. The figure, cited by Korean media on Monday, comes from unidentified officials and politicians familiar with the matter.
The proposed facility, a 6.3-gigawatt gas plant in Encinal, Texas, is designed to address surging electricity demand from AI data centres. If realised, it would mark South Korea's first US investment under the trade agreement signed by the two allies last year.
That pact saw Seoul pledge $350 billion in US investments in exchange for favourable tariff treatment on South Korean goods. The latest reports do not clarify whether Seoul will bear the entire cost of the Texas project.
Beyond this gas plant, South Korea is reportedly weighing other US ventures, including a large-scale nuclear power plant or a liquefied natural gas project in Alaska. The South Korean Industry Ministry has said it cannot confirm the status of the investment plan's approval process.