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US-Korea Dispute on Oil Project Funding
U.S. President Donald Trump announced that the trade agreement with South Korea includes allocating $8.4 billion for a project to extract oil from old fields using enhanced oil recovery technology with carbon dioxide. However, South Korea denied that the project is part of the official memorandums of understanding, confirming that its commitments are limited to what is stated in the joint fact sheet. This project has sparked environmental controversy over the continued reliance on fossil fuels and comes as part of Trump's efforts to boost foreign investment ahead of the elections, despite South Korea's condition that legal and economic feasibility studies must be completed before participating in the Alaska gas project.
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