Japan to outlay US$8 bln for petrochem projects in Venezuela

Japan has bolstered ties with oil-rich Latin American nation of Venezuela in areas related to oil & gas and chemical projects, after a recent meeting between leaders of two nations in Japan. The Asian country will outlay US$8 bln in petrochemical projects while investing another US$1.5 bln in crude refining. Venezuela, one of the OPEC members, will also attract US$10 bln in liquefied natural gas (LNG) projects from Japan. These outlays form a part of the total US$33.5 bln set aside for future projects in these fields.
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