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Israeli Firm New-Med Negotiates Venezuelan Oil Extraction Deal
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.
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What happened
- 01Israeli company New-Med is negotiating to acquire a controlling stake in a Venezuelan oil drilling firm.
- 02The deal represents New-Med's first expansion outside the Mediterranean basin into South America.
- 03New-Med, controlled by Yitzhak Tshuva, will shift focus to developing existing oil fields.
- 04The negotiations follow the recent restoration of consular relations between Israel and Venezuela.
- 05New-Med could be the first Israeli company operating in Venezuela in over 20 years.
The move follows the recent restoration of consular relations between Israel and Venezuela after a long diplomatic freeze.
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