South Korea to Invest $8.4 Billion in US Oil Production Business

U.S. President Donald Trump announced that South Korea will invest $8.4 billion in the U.S. oil production business as part of ongoing negotiations between the two countries.

The investment is for an Enhanced Oil Recovery (EOR) project, which involves injecting carbon dioxide and other fluids into existing oil fields to extract more crude oil from the strata.

The announcement came a day after South Korea said it would invest $54 billion in the Alaska liquefied natural gas (LNG) project. However, there is no confirmation on whether the country will actually invest in the project.

The Ministry of Trade, Industry and Energy is currently checking how the EOR project was included in the negotiations and whether the $8.4 billion mentioned by President Trump is invested in the Korea-U.S. strategic investment resources.