Chile-New oil and gas deal.

CHILE

NEW DEAL WITH PERU.

The south of Chile like the south of Argentina and the Falkland Isles, appears to be holding vast deposits of oil and gas off the coast.

A Chilean-Peruvian consortium, plans to invest a further US$650 million in a project to produce ammonium and ammonium nitrate from natural gas.

The new deal will create 3,000 new jobs in Peru, as the joint venture takes off later this year.

There are vast deposits of natural gas in Peru, that will also come under the wing of the new consortium and this is major benefit to the general economy of the country..

This all comes in the wake of the newly signed trade agreement between Peru and the United States, that was signed recently and implemented on Friday, capping many years of negotiations.