Monday, March 23, 2009

Korea & Venezuela Sign Natural Gas Development Deal


SEOUL -- South Korea signed a memorandum of understanding with Venezuela to jointly cooperate in exploring, developing, and producing oil and gas.

Venezuela's energy and oil minister, Rafael Ramirez, who is visiting South Korea, signed the agreement Saturday with South Korea's minister of knowledge economy, Lee Youn-ho.

Mr. Ramirez also runs Venezuelan state oil company Petroleos de Venezuela SA.

The two ministers also discussed strategic cooperation between PDVSA and South Korea's state-run Korea National Oil Corp. and Korea Gas Co.

Mr. Ramirez requested KNOC participate in development of an oil field that produces more than 200,000 barrels a day, located in Venezuela's Orinoco belt area. The Venezuelan minister also requested South Korea participate in the development of two gas fields.

Both sides agreed to come up with details of the preliminary pact in the near future.

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