President Lee: Project to Proceed on Condition of Commercial Viability and Compliance with Legal Procedures

[Anchor]

President Lee Jae-myung explained that South Korea will proceed with the "Alaska LNG project" on the condition that its commercial viability is verified. The Democratic Party responded that nothing has been finalized, while the People Power Party claimed that if it was a unilateral announcement by the United States, it is a severe diplomatic disaster.

Kang Cheong-wan reports.

[Reporter]

On social media this morning (October 1), President Lee Jae-myung stated, "We have agreed to start working on the Alaska LNG project announced by the United States on the condition that its commercial viability is verified and that it complies with the legal procedures of the Republic of Korea."

A Cheong Wa Dae official clarified that "working" here refers to "detailed feasibility review work."

President Lee also explained in detail the terms of profit sharing agreed upon between South Korea and the United States, stating, "Commercial viability must also be guaranteed on an individual plant basis for nuclear power plants."

This is interpreted as highlighting the "national interest" and "commercial rationality" that the government has consistently emphasized, seemingly conscious of domestic concerns and criticism over U.S. President Trump's unilateral announcement of the Alaska LNG project.

[President Lee Jae-myung (Press conference on September 18): "In order to structure the project in a way that does not undermine the national interest and benefits both South Korea and the United States, we are fiercely debating..."]

According to Article 3 of the South Korea–U.S. Strategic Investment Act, investments in the United States that lack commercial rationality may still be pursued under inevitable circumstances such as national security or supply chain stability; however, in such cases, consent must be obtained from the relevant standing committee of the National Assembly.

Democratic Party lawmakers have begun citing this clause, saying, "The Alaska LNG project is not finalized," and "We will review and judge investments in the United States based on whether commercial rationality is ensured."

Some analyses suggest that if the United States continues to press for excessive investments, the ruling camp could use the "National Assembly standing committee consent clause" as a shield.

The People Power Party criticized, "If the U.S. president pushed ahead with a unilateral announcement without the consent of our government, it is a severe diplomatic disaster for the Lee Jae-myung administration."

Video by Jeong Sang-bo, Ha Ryung, and Kim Han-gyeol | Video Editing by Wi Won-yang | Graphics by Park Tae-young
※ Please note: This article was translated by AI and may contain errors.