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South Korea Says It Plans $11.14 Billion Projects in Venezuela

South Korea and Venezuela plan five heavy industry projects in the Latin American nation, including a crude oil distribution network, which the Korean government estimates may be worth a total $11.14 billion.

Petroleos de Venezuela SA, the state oil company, and Pequiven SA, Venezuela’s state chemicals company, signed non-binding agreements in Seoul for the projects, Korea’s Knowledge Economy Ministry said in an e-mailed statement today.