Trump claims $8.4bn South Korea oil project; Seoul says it is not in the deal

Donald Trump has said South Korea’s trade deal with the United States includes $8.4bn (£6.3bn) for an “enhanced Oil Recovery Project” — a claim South Korea immediately disputed, saying no such project was ever agreed.

“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 on Friday, without naming the field, operator or location of the project.

South Korea’s industry ministry said the enhanced oil recovery (EOR) investment was not part of the strategic investment agreement between the two countries. Yonhap reported that an official from Seoul’s industry ministry was surprised by the claim, and that Seoul had asked Washington for clarification through trade channels (https://biz.chosun.com/en/en-international/2026/10/02/VRMZN2SMHFA5XH772YZ5YGEEAY/).

The official said the agreed strategic investments are limited to what was set out in the joint fact sheet that Seoul and Washington released in November 2025.

The dispute is the second such gap in three days. On Wednesday, Trump announced that South Korea would put $200bn into US projects, including eight nuclear power plants, a 6-gigawatt power plant in Texas and the roughly $54bn Alaska LNG pipeline — part of a broader $350bn package agreed last year. Seoul responded that the Alaska pipeline was subject to commercial viability and legal review, with no final investment decision made.

Asked by reporters on Friday whether he had “jumped the gun” on the Alaska announcement, Trump said: “I didn’t jump the gun. I mean, they were there and they were represented. And let’s see, if they don’t want to do it, that’s okay with me. I’ll just charge them more.”