Taiwan plans to buy 6 million tonnes of liquefied natural gas, or LNG, each year from a proposed project in Alaska, Taiwan's economy ministry said Wednesday, according to Taiwan News. The island also plans to invest up to NT$141.5 billion, or $4.4 billion, in the project.

The news came a day after President Donald Trump spoke at a rally in Alaska. "Taiwan has just agreed to buy 30% of the gas coming off the pipeline for the next 20 years," Trump said, CNBC reported. "That guarantees a success."

Trump also said Taiwan would invest $4.4 billion in the project, on top of $50 billion he said South Korea had committed, CNBC reported. South Korea has said its role is not final, according to CNBC.

Taiwan's state-owned energy company, CPC Corp., has made major progress after nearly 18 months of talks with the U.S. developer, the ministry said, according to Taiwan News. CPC signed a letter of intent for gas purchases and investment in March 2025. The investment details, ownership stakes and other terms still need more talks and company approval, Taiwan News reported.

The ministry said the deal would give Taiwan more sources of gas and strengthen its energy security. Ships could carry the gas straight across the Pacific, Taiwan News said. If the project stays on schedule, supplies could reach Taiwan as early as 2032.

Taiwan imports more than 90% of its energy, CNBC reported. Demand has climbed as artificial intelligence drives growth on the island, home to chipmaker TSMC.

Glenfarne, the developer of the Alaska LNG pipeline, told the U.S. government this month that it aims to deliver its first gas in 2029, CNBC said. The White House, Taiwan's energy ministry and CPC did not immediately respond to CNBC's requests for comment.

What we know: Taiwan plans to buy Alaska gas and invest up to $4.4 billion.
What we don't: The final terms, which are still being negotiated.