South Korea awaits US approval for Texas power plant — Korea Herald

South Korea has completed internal procedures for the first project under the $200 billion US investment program and is awaiting Washington’s final approval. According to lawmakers briefed by the government, the project is a gas-fired combined-cycle power plant in Encinal, Texas, with an estimated cost of $22.3 billion, Korea Herald reports.

Three projects for the US

On September 22, Seoul informed parliament about three projects that had been discussed with US officials. In addition to the power plant in Texas, South Korea presented proposals to build eight large nuclear reactors in the United States and participate in a liquefied natural gas project in Alaska. According to the outlet, the latter two projects require further negotiations.

A representative of South Korea’s industry ministry said no new differences had emerged between the sides and that the next decision depended on the US side. At the same time, the official could not name a timeframe for when the United States would be ready to announce its final decision.

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Approval procedure

Under the bilateral memorandum on strategic investments, the US Investment Committee, chaired by the secretary of commerce, assesses the commercial viability of projects and holds consultations with Seoul. On the Korean side, the process involves a bilateral body led by Industry Minister Kim Jong-gwan.

Approved projects are submitted to the US president for final selection. South Korea will not be able to transfer funds until 45 business days after official notification of the president’s decision. Industry representatives suggested that the delay may be related to President Donald Trump’s busy diplomatic schedule or a desire to give the announcement greater publicity, rather than difficulties in negotiations.