However, at this present moment of 2011, changing and renovating energy policies as well as the institutional framework is an ongoing process, which signifies the gradual opening of the market. The first sign for this opening can be found in Chavez’s political agenda that domestically emphasizes resource naturalism with left-wing ideology while internationally maintains strong antagonism toward the Unites States. Anti-american foreign policy is one of the Chavez’s core foreign policies, enabling him to befriend and develop a closer relationship with Rusia, China, Iran, Iraq, and Cuba. Spontaneously, other countries are also allowed to participate in the development of the oil sector, resulting in a sort of the ballon effect.
The second reason depends on an economic factor that Venezuela lacks financial capital and technology. Chavez’s anti-american foreign policy basically has frozen the capital inflow and the technological support from the Unites States to develop oil sands. Although this decline has not severely affected Venezuela thanks to the rise of international oil prices and chinese investment, the problem of financial and technological shortage requires a long-term solution and strategy. From this perspective, Korea’s advanced technology of infrastructure development can offer a valuable opportunity for the country to advance into Venezuelan oil sands.
Thirdly, it must be considered the environmental security issue. The work of oil-producing generates serious environmental contamination for along time, including with oil sand product as well. In this regard, it is a great opportunity to approach Korea’s eco-innovation technology in the process of oil-sand product in Venezuela. The high technology of Korea and know-hows in Canada's experience will help to reduce contamination and make more secure development process.
This study came to a tentative conclusion that Korea is more apt to develop a long-term strategy and invest in the downstream sectors of the oil industry than to participate in the current development plan for Venezuelan oil sands. This is mainly because Korea has a high international competitiveness in the construction of infrastructure in relation to the refining, transportation, and sale process. Further and finally, Korea make great efforts with multi-level approaches, such as the sharing of korean development experience, infra-development and cooperation, enforcing of human network through diplomatic method, including reinforcement of socio-cultural interchange between Venezuela and Korea.