$12B Oil Deals Hint At Closer Ties For Korea, Venezuela

Law360, New York (April 27, 2012, 1:35 PM EDT) -- Four Korean companies, including units of industrial giants Daewoo and Hyundai groups, will build $12 billion in new oil infrastructure for Venezuela's state-owned oil company, the companies and Korean officials confirmed Friday.

Daewoo Engineering & Construction Co. Ltd., Hyundai Engineering & Construction Co. Ltd., SK Engineering and Construction Co. Ltd. and trading firm STX Construction Co. Ltd. have signed preliminary agreements for five oil and petrochemical projects for Petroleos de Venezuela SA.

The news comes the same week Venezuela Oil Minister Rafael Ramirez — who also...
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