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

[Anchor]

President Lee Jae-myung explained that the Alaska LNG project will be initiated on the premise that its commercial viability is verified. The Democratic Party responded that nothing has been finalized, while the People Power Party argued that if this was a unilateral announcement by the United States, it represents a serious diplomatic catastrophe.

Kang Cheongwan reports.

[Reporter]

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

An official from Cheong Wa Dae elaborated that "working" in this context refers to "detailed feasibility review operations."

President Lee also explained in detail the terms of profit sharing agreed upon between South Korea and the United States, emphasizing that "commercial viability must also be guaranteed on a specific plant-by-plant basis for nuclear power plants."

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

[President Lee Jae-myung (Press conference on September 18): "Debating fiercely to structure the project in a way that does not harm national interests and benefits both South Korea and the United States..."]

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

Lawmakers from the Democratic Party have begun citing the provision, stating that "the Alaska LNG project is not finalized" and that they "will review and assess investments in the United States based on whether they meet commercial rationality."

Some analysts suggest that if the United States continues to press for excessive investments, the ruling camp could use the "parliamentary standing committee consent provision" as a shield.

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

(Video by Jeong Sang-bo, Ha Ryung, Kim Hangyul | Video Editing by Wi Won-yang | Graphics by Park Taeyoung)
※ Please note: This article was translated by AI and may contain errors.