[Anchor]

The South Korean government reported the details of a $200 billion investment project in the United States to the National Assembly today (September 22). A combined-cycle gas power plant to be built in Texas was confirmed as the first project, while the construction of nuclear power plants in the U.S. and an Alaska LNG project were also included in the promotion plans.

Son Hyeong-an reports.

[Reporter]

Minister of Trade, Industry and Energy Kim Jung-kwan visited the National Assembly today for a closed-door briefing on the US investment project.

[Kim Jung-kwan / Minister of Trade, Industry and Energy: "We have scrutinized the projects under the consistent principle of commercial rationality. I would like to report on one project that the government has decided to pursue."]

The confirmed "first project" was identified as an initiative to construct a combined-cycle gas power plant in the Encinal area of Texas, the United States.

With a total project cost of $22.3 billion, the government reportedly briefed the National Assembly to the effect that it could recover the principal and interest by generating up to $45 billion over the next 20 years.

Concerns were raised, primarily among opposition lawmakers.

[Koo Ja-keun / People Power Party Lawmaker: "Since it is still in the development stage, I conveyed that caution should be exercised regarding commercial rationality."]

The briefing to the National Assembly also included what was described as plans to pursue two projects that reflect the mutual interests of South Korea and the United States, although no final decisions have been made yet.

These are the construction of eight nuclear power reactors in the United States and the Alaska LNG development project.

There have been assessments that both projects carry significant risks relative to the scale of investment.

Regarding the nuclear plant construction project, Minister Kim reportedly stated that negotiations are underway with the goal of securing a "5 to 10 percent" stake in U.S. nuclear firm Westinghouse, noting that securing voting rights is also possible; regarding the Alaska LNG investment, he reportedly said, "It is too early to evaluate commercial viability as the project has not yet materialized."

The government is also reported to have clearly affirmed its principle that the total execution volume of investments in the United States will not exceed $200 billion, the limit of the US investment fund.

(Video by Lee Seung-hwan and Shin Dong-hwan | Video Editing by Wi Won-yang)