Iran, Venezuela ink new MoUs on cooperation in oil industry

Iran and Venezuela signed new documents and memorandums of understanding (MoUs) to bolster bilateral cooperation in the fields of the development of oilfields, renovation of refineries and petrochemical complexes and also oil trade.

According to Tasnim news agency, during his visit to Caracas, Iranian Oil Minister Javad Owji and Venezuela’s First Vice President Delcy Rodriguez signed a host of cooperation documents and MoUs to strengthen bilateral cooperation in the down - and upstream sectors of the oil industry.

The development of oil and gas fields and renovation and reconstruction of Venezuela’s oil refineries were also emphasized by Owji and his Venezuelan counterpart Pedro Rafael Tellechea within the framework of MoUs aimed at maximizing the capacity of these complexes.

During the meeting, the Iranian and Venezuelan oil ministers reached an agreement in the fields of renovating and reconstructing petrochemical complexes in Venezuela through exporting technical and engineering services from Iran to this Bolivarian country, exporting oil and gas condensates as well as oil byproducts.

ME