US President Donald Trump speaks in the Oval Office at the White House in Washington on Wednesday (local time). [AP]
US President Donald Trump speaks in the Oval Office at the White House in Washington on Wednesday (local time). [AP]

US President Donald Trump claimed Friday (local time) that South Korea would invest $8.4 billion in an oil-related project as a result of negotiations between the two countries.

According to Yonhap, Trump wrote on his Truth Social account that day that he was "pleased to announce that negotiations with South Korea keep getting better," citing "$8.4 billion for an Enhanced Oil Recovery project."

The post was widely read as indicating that South Korea had agreed to invest $8.4 billion in the project.

Enhanced Oil Recovery refers to a technology that injects carbon dioxide or other substances into oil fields to raise internal pressure and extract more crude oil.

"Increased oil and gas production means American energy dominance and future global energy security," Trump added in the same post.

However, it remains unclear exactly what Trump meant by the "Enhanced Oil Recovery project" or whether the two countries had reached any formal agreement on the matter during their investment negotiations.

Earlier, on Wednesday (local time), Trump had unilaterally announced at the White House that South Korea would participate in the Alaska LNG development project — a deal that had not been fully finalized — while also disclosing a specific investment figure of more than $50 billion, when he unveiled South Korea's first set of US investment projects.


husn7@heraldcorp.com