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Oil giants Iran, Venezuela Strengthen Alliance

Oil giants Iran, Venezuela Strengthen Alliance
(Monday, April 17, 2023) 00:07

TEHRAN (NIPNA) -- Iran and Venezuela have further strengthened their already robust partnership in the oil and energy sector with the signing of new agreements and memorandums of cooperation.

The deals, which were recently signed by Iran's Minister of Petroleum, Javad Owji, during his visit to Caracas, with several Venezuelan officials including the country’s oil minister Pedro Tellechea, aim to bolster cooperation between the two nations in the upstream and downstream sectors of the oil industry.

As part of these agreements, Iran and Venezuela will collaborate on the development of oil and gas fields, as well as the reconstruction and modernization of Venezuelan oil refineries to maximize their operational capacity.

In addition, the two nations have agreed to work together on the reconstruction and modernization of petrochemical complexes with the assistance of Iranian technical services, engineering, and equipment.

The agreements also cover the reconstruction and modernization of loading docks and oil terminals, as well as the trade and export of oil, gas condensate, and petroleum products.

This development comes as a result of a longstanding cooperation between the two countries, which began during the early stages of the 13th administration.

The signing of these new agreements marks a significant milestone in the strengthening of the already existing collaboration between Iran and Venezuela in the oil and energy sector.

With the new agreements in place, both nations are poised to further advance their mutual interests and propel their economies forward.

As such, it is expected that this partnership will continue to thrive and bring about tangible benefits to both countries.

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