Austrian company SBO received an order to deploy its precision technology in Venezuela
The Daily Journal.- Venezuela has returned to the business radar of oil equipment supplier SBO after the company received an order to deploy its precision technology in the South American country.
According to Klaus Mader, CEO of the Austrian company, the Venezuelan market offers opportunities over the medium and long term. However, he noted that the country requires significant technological upgrades.
Mader said that companies investing in Venezuela seek security guarantees. In that regard, he said SBO does not plan to open facilities in Venezuela because it already operates nearby from Mexico and Houston, Texas.
SBO’s order comes amid a series of agreements that Venezuela has recently signed with major foreign companies such as Shell, Hunt Oil and SLB. The country aims to accelerate oil production, which currently stands at around 1.2 million barrels per day, with a target of 1.4 million barrels per day by the end of the year.
With information from Reuters
