Trump: "Korea to Invest $8.4 Billion in Crude Oil"; Ministry of Industry: "The Fact Sheet Contains Everything, and the Circumstances Have Not Been Confirmed"

[Financial News]  
Regarding U.S. President Donald Trump's statement that Korea would invest $8.4 billion in a U.S. crude oil project, the government reaffirmed its previous position that the project was not included among the strategic investment projects in the United States agreed upon by Korea and the United States. However, it said that the exact circumstances behind Trump's mention of the project had yet to be confirmed.
On the 4th, the Ministry of Trade and Industry said regarding Trump's remarks about the $8.4 billion crude oil project, "The exact circumstances have not yet been confirmed, but the strategic investment agreements between Korea and the United States are specified in the fact sheet."
On the 2nd, local time, Trump said on the social media platform Truth Social, "Negotiations with Korea continue to get better," adding that Korea would invest $8.4 billion in an Enhanced Oil Recovery (EOR) project.
EOR is a technology that increases pressure in existing oil fields whose production has declined by injecting carbon dioxide or gas, allowing additional crude oil to be extracted.
However, the joint fact sheet and press release issued by Korea and the United States on the 1st did not include an EOR project worth $8.4 billion.
The government had asked the U.S. side through trade channels about the circumstances behind Trump's remarks shortly after they were made. As the exact circumstances remain unconfirmed, the government continues to maintain that the official agreements between Korea and the United States are those contained in the joint fact sheet.
[email protected] Park Ji-young Reporter