President Donald Trump could announce as soon as Wednesday that his administration plans to direct South Korea's strategic investment fund toward several major U.S. projects, including roughly $54 billion for the proposed Alaska LNG facility, according to two people familiar with the discussions.

The potential investment would come as the Trump administration prepares a series of economic and investment announcements ahead of the November midterm elections. The administration has emphasized domestic investment and energy development as part of its economic agenda.

The Alaska LNG project would be one of the largest potential beneficiaries of the South Korean investment. The project is designed to move natural gas from Alaska's North Slope through a pipeline to a liquefaction facility on the state's southern coast. From there, liquefied natural gas could be shipped to Asian markets.

If completed, Alaska LNG would give the United States direct access to Asian markets for LNG exports from Alaska. Asia is the fastest-growing market for liquefied natural gas, making the project strategically significant for U.S. energy exports.

Japanese energy companies have already shown interest in securing supplies from the proposed facility. JERA and Tokyo Gas, two of Japan's largest LNG importers, have signed preliminary agreements to purchase a combined 2 million metric tons of LNG per year if the Alaska project is built.

Glenfarne, the project's developer, said in March that it had secured commitments covering 13 million tons of LNG annually. The company said it needed another 3 million tons in commitments and would need to make the existing agreements binding before securing financing for the project.

Alaska LNG has also taken on political significance because Alaska is viewed as an important Senate battleground heading into the midterm elections. Republicans are seeking to maintain their Senate majority, while the Alaska contest is being closely watched as a potentially competitive race.

A major South Korean investment in Alaska LNG would therefore combine energy development, foreign investment, and U.S. exports while giving the Trump administration another significant economic project to highlight ahead of the elections.