Trump Says South Korea Deal Includes $8.4 Billion U.S. Oil Project

President Donald Trump announced on Truth Social that South Korea’s investment agreement with the United States now includes $8.4 billion earmarked for an enhanced oil recovery project, describing the addition as a boost to American energy production and security. The post did not supply any details about where the project would be sited, which company would operate it, or which oil field would be involved.

South Korea’s industry ministry countered that the EOR investment was not part of the strategic investment deal reached between the two countries and has formally sought clarification from Washington, according to the Yonhap news agency. That public denial leaves the status of the $8.4 billion claim unresolved.

The EOR amount was mentioned amid a wider series of U.S.-South Korea investment announcements. Earlier in the week, Trump said Seoul would direct $200 billion into U.S. projects, naming plans for eight large nuclear plants, a 6-gigawatt power facility in Texas, and a pipeline tied to the Alaska LNG project. That $200 billion was presented alongside a previously announced $150 billion for shipbuilding under a broader $350 billion package agreed last year.

South Korea has been cautious about committing to the Alaska-related pipeline. Its government says participation in the roughly $54 billion pipeline project is still contingent on commercial viability and legal review, and no final investment decision has been taken. Until both governments reconcile their accounts, the reported EOR investment remains in dispute in public statements.