On Friday, President Donald Trump said South Korea’s trade agreement with the U.S. includes an $8.4 billion enhanced oil recovery project, but a South Korean government official disputed it.
Trump Touts $8.4 Billion Oil Investment
“The Republic of Korea Deal keeps getting BETTER!” Trump wrote on Truth Social, adding that the project would support “American Energy Dominance and Energy Security.”
The South Korean official, however, told state-supported Yonhap News Agency that the enhanced oil recovery project was not included in the agreement, Reuters reported.
The official said the deal remains limited to the commitments outlined in a joint fact sheet Seoul and Washington released in November 2025.
The White House did not immediately respond to Benzinga’s request for comment.
What Is Enhanced Oil Recovery
Enhanced oil recovery, or EOR, uses techniques such as injecting carbon dioxide into underground reservoirs to help extract crude that remains after conventional production.
Major oil companies support the technology, but environmental groups oppose it, arguing that EOR can extend reliance on fossil fuels rather than serve as a climate solution.
South Korea’s US Investment Push
The dispute follows Trump’s announcement Wednesday that South Korea will invest $200 billion in U.S. projects as part of a broader $350 billion strategic investment package tied to last year’s trade agreement.
The package includes $150 billion earmarked for shipbuilding.
Trump also cited plans for eight large-scale nuclear plants, a natural gas pipeline and a 6-gigawatt power generation facility in Texas.
South Korea has separately stressed that a proposed $54 billion Alaska LNG pipeline remains subject to commercial and legal reviews, despite Trump’s announcement.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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