Turkish Billionaire Said to Fund $750 Million Venezuela Plant

Turkish billionaire Robert Yuksel Yildirim’s holding company signed a $750 million investment for the construction of an ammonia plant in eastern Venezuela, according to a senior government official.

Venezuela’s state-owned petrochemical company, known as Pequiven, signed a deal with Yildirim Group for the construction of a plant projected to produce 600,000 tons of ammonia per year, said the official, who asked not to be identified because the discussions aren’t public. The plan was briefly mentioned by Venezuela President Nicolás Maduro during a televised meeting from downtown Caracas on June 7 alongside Yildirim.

“This is a win-win alliance for ...