Shell And Mitsubishi Sign Up To Venezuela Deal

Venezuela has signed an agreement with Royal Dutch Shell Group and Mitsubishi Corporation, clearing the way for an offshore natural gas project that may require up to three billion dollars in investments.

Venezuela will have a sixty percent stake in the Mariscal Sucre liquid natural gas project, while Shell will have a thirty percent stake. Mitsubishi will have eight percent, and two percent of the shares will be sold on the Caracas Stock Exchange.

“We have the agreement, now we have to put details on it,” Linda Cook, head of Shell Gas and Power, said at a press conference.

The project involves pumping natural gas offshore in the Gulf of Paria and piping it to the mainland, where it will be converted to liquid natural gas for export. The project, which has been in discussion for more than a decade, had been delayed over concerns about its profitability.

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