Washington: U.S. President Donald Trump announced that the United States will collaborate with South Korea and Japan on an energy project in Alaska aimed at developing the state's extensive oil and gas reserves.

According to Yonhap News Agency, Trump made these remarks during his first summit with South Korean President Lee Jae Myung at the White House. This meeting followed a trade agreement between Seoul and Washington, which involves reducing tariffs from 25 percent to 15 percent in exchange for a $350 billion investment package and $100 billion in U.S. energy purchases.

"We have the greatest amount of energy in the world and we're dealing with South Korea, as you know, in Alaska," Trump stated. "We're going to be making a deal, a joint venture with South Korea. Japan is also very strongly involved."

The envisioned project involves the shipment of liquefied natural gas from northern Alaska to Asian markets. South Korea and Japan are significant players in the global LNG market, being the third and second largest importers, respectively, after China.

Trump emphasized the abundance of U.S. energy resources, stating, "We have more oil and gas and coal than any other nation in the world by far, and we're going to use it. And that's the thing that South Korea, I think, most wants from us."