Trump Announces $8.4 Billion U.S. Oil Project Included in South Korea Deal
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**South Korea Disputes Trump’s Claim of $8.4 Billion U.S. Oil Deal**
President Donald Trump announced on Friday that South Korea has agreed to invest $8.4 billion in an enhanced oil recovery (EOR) project in the United States. However, officials in Seoul quickly disputed the claim, stating that no such agreement exists.
Taking to Truth Social, Trump celebrated the purported deal, writing: “The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!”
Trump’s post did not provide specific details regarding the location of the project, the operator, or the oil field involved.
Enhanced oil recovery is a technique used to boost production in mature reservoirs by injecting substances such as carbon dioxide, natural gas, or steam to extract oil that conventional methods cannot reach.
In response to the announcement, South Korea’s ministry of industry clarified that the $8.4 billion EOR project was not part of the strategic investment framework established between the two nations. According to the Yonhap news agency, South Korean officials have reached out to Washington to request clarification on the President’s statement.
The friction comes during a week of major energy and investment announcements between the two allies. Just recently, South Korea announced plans to halve its reliance on Middle Eastern crude oil by the year 2035.
Earlier in the week, Trump stated that South Korea would invest $200 billion in various U.S. energy initiatives. According to those claims, the funding would support eight nuclear power plants, a 6-gigawatt power facility in Texas, and a pipeline connected to the Alaska LNG project. This $200 billion is supposedly in addition to a $150 billion shipbuilding package negotiated last year.
However, Seoul has maintained a highly cautious stance on these massive infrastructure commitments, particularly regarding the pipeline in Alaska. South Korean officials have emphasized that participation in the estimated $54 billion pipeline project is still pending legal reviews and commercial viability assessments, with no final investment decision having been made.
