🔻U.S. and South Korea oil deal worth $8.4 billion

Donald Trump, the President of the United States, announced on Friday that his country’s trade agreement with South Korea includes allocating $8.4 billion for an oil production enhancement project.

Mr. Trump wrote on the social network Truth Social: “The agreement with the Republic of Korea keeps getting better! $8.4 billion for an enhanced oil recovery project. More oil and gas production means U.S. energy dominance and global energy security in the future.”

This new development is the latest in a series of economic and investment agreements that Mr. Trump has been emphasizing ahead of the November midterm elections; at a time when a war involving Iran and rising fuel prices are among voters’ concerns in the United States.

On Wednesday, Mr. Trump also reported plans to invest up to $200 billion by South Korea in U.S. projects, including eight large nuclear power plants, a liquefied natural gas project in Alaska, and a six-gigawatt power generation plant in Texas.

However, South Korea said that its participation in the $54 billion Alaska liquefied natural gas project has not yet been finalized and would move forward only if the necessary commercial and legal conditions are met.

The South Korean government said that the project’s economic evaluation and legal steps will continue.