Tehran, Caracas to Expand Oil Cooperation

Iran and Venezuela have signed new memorandums of understanding to expand bilateral cooperation in oil and gas industry.
Iranian Oil Minister Javad Owji and his Venezuelan counterpart Pedro Rafael Tellechea signed a number of MoUs and documents in Caracas on Sunday in the presence of the Latin American country’s Vice President Delcy Rodriguez to boost cooperation in downstream and upstream oil sectors, the Oil Ministry’s news service Shana reported.
The MoUs include the development of oil and gas fields, the overhaul of refineries to maximize their capacity, the renovation and reconstruction of petrochemical complexes with Iranian technical services and equipment to raise output and modernization of loading dock and oil terminal, as well as increasing trade and export of oil, gas condensate and petroleum products.