Trump Unveils $8.4 Billion Oil Project Under South Korea Deal

U.S. President Donald Trump announced a US$8.4 billion enhanced oil recovery project as part of a deal with South Korea, stating the agreement keeps getting better.

Trump made the announcement on his Truth Social account, highlighting that "Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!" The announcement comes as part of South Korea's commitment to invest $200 billion in the U.S., which includes projects like a gas-fired power plant in Texas and eight nuclear power plants.

However, an official at South Korea's industry ministry told Yonhap News Agency that the EOR project is not specified in the bilateral strategic investment agreement and that Seoul has inquired with the U.S. side about the announcement. Trump emphasized the investment ahead of the November midterm elections amid public concerns over the war with Iran, which has driven up energy prices.

The broader trade deal signed last year committed South Korea to investing $350 billion in the United States in return for lower U.S. tariffs on Korean goods. The U.S. State Department spokesperson Tommy Pigott stated that President Trump does not view talks with North Korea as a concession and is willing to engage Pyongyang if it serves U.S. national interests.