WASHINGTON: The Trump administration on Tuesday announced three major projects valued at $36 billion to be financed by Japan, marking the first investments under Tokyo’s $550 billion pledge to the U.S. The projects include an oil export facility in Texas, a natural gas power plant in Ohio, and an industrial diamonds plant in Georgia. Officials say the initiatives will strengthen energy supply and advanced manufacturing in the U.S.
Commerce Secretary Howard Lutnick said the Ohio power plant, operated by SoftBank Group’s SB Energy, will be the largest natural gas-fired facility in history, generating 9.2 gigawatts to support growing electricity demand from AI-driven data centers. The Texas GulfLink deepwater crude oil export terminal, developed by Sentinel Midstream, is expected to generate $20 billion to $30 billion annually in crude exports, reinforcing U.S. energy leadership.
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The Georgia synthetic industrial diamond plant, valued at $600 million and run by Element Six, a De Beers unit, will meet 100% of U.S. demand for synthetic diamond grit. This critical input supports semiconductor production and advanced manufacturing, reducing reliance on China for essential industrial materials.
Japan’s economic and trade minister Ryosei Akazawa said the projects reflect a strategic partnership to build resilient supply chains. The investments will combine equity, loans, and guarantees from Japanese agencies and are structured to protect foreign exchange reserves while fostering long-term U.S.-Japan collaboration in energy and industry.
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Additional investment deals are expected, with Tokyo pledging up to $550 billion before the end of Trump’s term. Officials noted that Japanese firms including Mitsui OSK Lines, Nippon Steel, Hitachi, and Toshiba have expressed interest in supplying or participating in these projects, highlighting growing bilateral economic cooperation.