Trump says Japan to invest in energy, industrial projects in Ohio, Texas and Georgia
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U.S. President Donald Trump’s administration on Tuesday announced three projects valued at $36 billion to be financed by Japan, including an oil export facility in Texas, an industrial diamonds plant in Georgia and a natural gas power plant in Ohio.
The projects are the first investments under Japan’s $550 billion U.S. investment pledge as part of a trade deal that cut Trump’s tariffs on Japanese imports to 15 per cent, Trump said on Truth Social. He gave few details about the projects.
Commerce Secretary Howard Lutnick said in a statement that the Portsmouth, Ohio power plant, valued at $33 billion, would be the largest natural gas-fired generating facility in history with a capacity of 9.2 gigawatts.
The facility, to be operated by SB Energy, a subsidiary of Japanese tech investor SoftBank Group 9984.T, would increase baseload power at a time of fast-growing electricity demand from data centers built to power artificial intelligence applications.
The White House said Japan would invest in the $2.1 billion Texas GulfLink deepwater crude oil export facility off the Texas coast.
“This project is expected to generate $20 to $30 billion annually in U.S. crude exports, secure export capacity for our refineries, and reinforce America’s position as the world’s leading energy supplier,” Lutnick said.
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