Ministry of Industry (MOTIE): Trump’s $8.4 Billion Oil Project "Not in the Agreement"

[Financial News] South Korean officials began determining the facts after U.S. President Donald Trump said on the 2nd (local time) that South Korea would invest $8.4 billion in an oil-related project, stating that the project was not included in the U.S.-Korea strategic investment agreement.
President Trump wrote on Truth Social that day, "I am very pleased to announce that our deal with South Korea continues to get better and better. $8.4 billion for enhanced oil recovery (EOR) projects."
EOR involves injecting carbon dioxide and other substances into existing oil fields to recover additional crude oil remaining in geological formations. However, it remains unclear whether South Korea and the United States agreed to include the project during negotiations on investment projects in the United States.
The joint U.S.-Korea announcement released by the South Korean government contains no mention of the project. The Ministry of Trade, Industry and Energy (MOTIE) is checking how the EOR project came to be included in the U.S.-Korea negotiations and whether the $8.4 billion mentioned by President Trump will be drawn from the U.S.-Korea strategic investment funds.
MOTIE officials explained, "The agreement between the two countries consists entirely of what is specified in the fact sheet and press release; this was not included in the agreement," adding that they were determining the background through trade channels.



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