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LS Cable-Venezuelan deal

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(Globalpost/GlobalPost)

SEOUL, March 13 (Yonhap) -- LS Cable

Under the deal with Corpoelec, Venezuela's state-run power company, LS Cable will provide 230kV extra-high-voltage submarine cables to cover the 40-kilometer distance between Chacopata, Sucre and Margarita Island, according to LS Cable.

The cables will be used to supply electric power in the region, it added.

LS Cable won the contract on a full turnkey basis, which means the company will deliver the cables as well as take charge of installation and testing.

The South Korean cable maker pinned hopes that the Venezuelan contract will help LS Cable secure more deals in Latin America where demand for electric power and power grids is growing.

"We will concentrate our energies on making inroads into new markets by capitalizing our high-value-added products like submarine and extra-high-voltage cables," said LS Cable executive Yoon Jae-in.

LS Cable has been moving to strengthen its overseas footing. In 2012, the company won a 500 billion won project to install 200 kilometers of high-voltage power cables for Qatar Petroleum, the Gulf state's energy company.

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