Trump says U.S. deal with South Korea has $8.4 billion for oil recovery
XLE•Trump said a U.S. trade deal with South Korea includes $8.4 billion for an enhanced oil recovery project. A South Korean industry ministry official reportedly said the project was not part of the agreement.
1. Project claim disputed
Trump said the deal includes $8.4 billion for an enhanced oil recovery project to extract more crude from an aging oilfield. A South Korean industry ministry official reportedly said the project was not part of the agreement, which the official said was limited to a joint fact sheet released by Seoul and Washington in November 2025.
2. Broader investment plans
Trump also said South Korea’s planned $200 billion investment in U.S. projects would include eight large-scale nuclear power plants, a natural gas pipeline and a 6-gigawatt power generation facility in Texas. Seoul said the proposed Alaska LNG project would proceed only if commercial and legal conditions were met.
