Israeli Firm New-Med Negotiates Venezuelan Oil Extraction Deal
Translated & summarized from NEWSru Israel by baba
Israeli energy company New-Med, owned by Yitzhak Tshuva, is negotiating to acquire a controlling stake in a Venezuelan firm for onshore oil drilling, marking its entry into South America. This expansion also signifies a shift from offshore exploration to developing existing oil fields. The move follows the recent restoration of consular relations between Israel and Venezuela after a long diplomatic freeze.
The story in 5 lines · by baba
- Israeli company New-Med is negotiating to acquire a controlling stake in a Venezuelan oil drilling firm.
- The deal represents New-Med's first expansion outside the Mediterranean basin into South America.
- New-Med, controlled by Yitzhak Tshuva, will shift focus to developing existing oil fields.
- The negotiations follow the recent restoration of consular relations between Israel and Venezuela.
- New-Med could be the first Israeli company operating in Venezuela in over 20 years.
Israeli energy company New-Med, controlled by Yitzhak Tshuva, announced its expansion into the South American market on November 10. The company is currently in negotiations to acquire a controlling stake in a firm that holds rights for onshore oil drilling in Venezuela. This move marks New-Med's first venture outside the Mediterranean basin, where it operates in Israel, Cyprus, and Morocco. The company is also shifting its business focus from offshore gas and oil exploration to developing existing oil fields. Details regarding the reserves of the potential acquisition sites and the transaction's value have not been disclosed. Diplomatic relations between Israel and Venezuela were severed in 2006 and have remained so until recently. Following a change in leadership in Caracas, Israel's Home Front Command sent a delegation to Venezuela to assist after a devastating earthquake, leading to the restoration of consular relations in August. If the deal proceeds, New-Med could become the first Israeli company to operate in Venezuela in over two decades.
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