Jindal Steel & Power Ltd., an Indian company, has signed a strategic partnership with Venezuela’s state-owned oil and mining company, Corporacion Venezolana de Guayana (CVG). This agreement focuses on operating the Ferrominera Orinoco iron ore complex, aiming to rejuvenate its production capabilities, which have declined due to Venezuela’s ongoing economic difficulties and U.S. sanctions.
Source:- india today
Jindal plans to invest $800,000 initially to upgrade equipment at the complex, which includes five plants that produce iron-ore pellets and briquettes essential for steelmaking. The company aims to export 600,000 tons of these materials monthly by the end of the year .
Source:- BBC news
This partnership represents a significant shift for Venezuela, which has been opening its heavy industries to foreign investments after nearly two decades. This move is part of a broader strategy by the Venezuelan government to attract private investment and boost the economy amidst ongoing sanctions and financial isolation.
Share your views in the comments
