(LEAD) Trump says S. Korea deal 'keeps getting better,' unveils US$8.4 billion oil recovery project
WASHINGTON, Oct. 2 (Yonhap) -- U.S. President Donald Trump said Friday a deal wi...
U.S. President Donald Trump announced a $8.4 billion enhanced oil recovery (EOR) project in South Korea on Friday, saying the deal between the two nations continues to improve. The project, aimed at producing more oil and gas, is said to contribute to American energy dominance and security.
Trump made the announcement through a social media post, following the unveiling of the first package of South Korea's investment projects under their trade deal signed last year. The EOR project, however, has raised questions since Seoul believes it's not part of the bilateral strategic investment agreement. The agreement, according to an official from Seoul's industry ministry, specifies only what's mentioned in the joint fact sheet and press release released last November.
Trump emphasized the economic benefits of the project, especially in the context of high energy prices and economic uncertainties stemming from the ongoing Iran conflict. The trade agreement between the U.S. and South Korea last year committed the latter to invest $350 billion in the U.S. - $150 billion for shipbuilding and the rest for strategic investments - in exchange for lower U.S. tariffs on Korean goods.
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