Venezuela energy deals hint at new horizons

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Venezuela energy deals hint at new horizons

Korea will pursue five energy and infrastructure development projects in Venezuela worth $11.1 billion that could open new business opportunities for local companies in the South American country, Seoul said yesterday.

The Ministry of Knowledge Economy said it signed four MOUs and one letter of intent (LOI) with Venezuela’s energy and oil ministry in Seoul.

The deals cover the building of pipelines, storage and harbor facilities for oil, a petroleum coke power generation plant and an oil refinery project and petrochemical facility. Korean companies will work with a state-run oil operator and Venezuela’s top petrochemical company.

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