ran and Venezuela on Monday have signed several contracts to cooperate in the oil sector.

Iran’s Oil Minister Javad Owji and his Venezuelan counterpart inked the contracts to develop oil fields and terminals and restore refining and petrochemical capacities, SHANA reported.

Tehran-Caracas cooperation in the oil sector has been promoted since Iran’s 13th (incumbent) administration took over.

Their relations entered a new phase last year when the two sides signed a contract to develop Venezuela’s refineries by using Iran’s technical know-how and equipment.

Iran and Venezuela hold about 40 percent of the world’s oil reserves and both countries’ oil sectors have been hit by U.S. unilateral sanctions.

In spite of sanctions, Iran has managed to make 85 percent of the equipment needed by the oil industry, not only meeting domestic needs with homegrown equipment but also exporting its technical and engineering services to regional countries and other oil-rich states, including Venezuela.

Accompanied by a number of ministers and other top officials, Iran’s President Ebrahim Raeisi on Monday started his tour of Venezuela, Nicaragua, and Cuba.

President Raisi arrived in Caracas on Monday noon local time, leading a high-ranking delegation at the formal invitation of his Venezuelan counterpart, Nicolas Maduro.

The visit is aimed at expanding political and economic relations between the two countries.

 

By Mehr