President Donald Trump announced that the US-South Korea trade deal now includes $8.4 billion for an enhanced oil recovery project aimed at boosting American energy dominance and security.
This announcement builds on a broader $350 billion strategic investment package from South Korea, part of last year’s trade agreement, which includes $150 billion for shipbuilding and $200 billion for strategic investments.
“The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social.
Trump previously outlined plans for South Korea to invest $200 billion in US projects, including eight large-scale nuclear power plants, a natural gas pipeline, and a 6-gigawatt power generation facility in Texas.
While a $54 billion Alaska LNG pipeline project was highlighted, holding potential political weight for Senator Dan Sullivan’s reelection campaign, South Korea’s industry ministry stated it is not yet finalized and will be reviewed for commercial viability and legal compliance.
The announcements are part of a series of economic highlights ahead of November’s midterm elections as the administration seeks to address voter concerns regarding high gasoline prices and the Iran war.
