What did Donald Trump say about South Korea’s deal and the new oil recovery project?

Trump said the deal with South Korea keeps getting better and announced $8.4 billion for an enhanced oil recovery project. He said producing more oil and gas would support American energy dominance and energy security.

Why did Seoul say the $8.4 billion oil recovery project was unexpected?

Seoul said the project is not among the strategic investments covered by the bilateral agreement. An industry ministry official said the countries had agreed only to what was specified in the joint fact sheet and press release, and that Korea had asked the U.S. side about the announcement through a trade channel.

How much did South Korea promise to invest in the United States under the trade deal?

The trade agreement committed South Korea to investing $350 billion in the United States. The deal set aside $150 billion for shipbuilding and the rest for strategic investments in return for lower U.S. tariffs on Korean goods.

Trump says S. Korea deal 'keeps getting better,' unveils $8.4 bil. oil recovery project

Listen

Summary

U.S. President Donald Trump said Friday in Washington that the South Korea deal keeps getting better, announcing an $8.4 billion enhanced oil recovery project. His remarks came as Seoul and Washington work to implement South Korea’s investment commitment under last year’s trade deal. Trump said the project would support American energy dominance and security, but he gave no details. Seoul said the oil recovery project is not among the strategic investments it agreed to.

Key Facts

Trump had already unveiled the first package of South Korea’s investment projects, including a gas-fired power plant in Texas and eight large-scale nuclear power plants.
The announced $8.4 billion project is described as an enhanced oil recovery project, or EOR.
A Seoul industry ministry official said the strategic investment agreed by the two countries is limited to what is specified in the joint fact sheet and press release.
South Korea and the United States last year reached a trade agreement under which Seoul committed to invest $350 billion in the United States, including $150 billion for shipbuilding and the remainder for strategic investments.

By Yonhap

Published Oct 3, 2026 12:31 am KST

President Donald Trump speaks in the Oval Office of the White House, Wednesday, in Washington. AP-Yonhap

WASHINGTON — U.S. President Donald Trump said Friday a deal with South Korea "keeps getting better," announcing a $8.4 billion "enhanced oil recovery project," as Seoul and Washington are working to implement the Asian country's investment commitment under their trade deal signed last year.

Trump made the remarks in a social media post, after he unveiled the first package of South Korea's investment projects under the trade deal, including the construction of a gas-fired power plant in Texas and eight large-scale nuclear power plants.

"I am thrilled to announce the Republic of Korea Deal keeps getting BETTER!" he wrote on Truth Social, referring to South Korea by its official name. "8.4 Billion Dollars for an enhanced Oil Recovery (EOR) Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!"

He did not elaborate on the details of the project. EOR involves techniques to recover additional oil from existing oil fields.

Trump's announcement came as a surprise as South Korea believes that the EOR project is not among those included in a bilateral strategic investment agreement.

"What the two countries have agreed on with regards to strategic investment is limited to what's specified in the joint fact sheet and press release," an official at Seoul's industry ministry told Yonhap News Agency over the phone.

"Through a trade channel, we have asked the U.S. side (about the announcement)."

The official was referring to the joint fact sheet that Seoul and Washington released last November to outline bilateral agreements on trade, investment, security and other realms.

Trump highlighted the investment project as he has underscored his economic achievements ahead of the November midterm elections amid public concerns over the monthslong war with Iran that has resulted in high energy prices and deepened economic uncertainties.

Last year, the two countries reached the trade agreement that committed South Korea to investing $350 billion in the United States — $150 billion for the shipbuilding sector and the remainder for strategic investments — in return for lower U.S. tariffs on Korean goods.

Explore More