Iran and Venezuela have signed a series of memoranda of understanding (MoUs) to expand oil sector cooperation between the two countries, according to a report by Iranian oil ministry’s news service Shana.
Shana’s report on Sunday said Oil Minister Javad Owji and his Venezuelan counterpart Pedro Tellechea had signed “numerous MoUs” in the presence of Venezuelan Vice-President Delcy Rodríguez earlier in the day in Caracas.
Owji has traveled to the Venezuelan capital since earlier this week to pursue a series of joint energy projects between Iran and Venezuela.
Shana said the MoUs signed on Sunday covered projects on developing oil and gas fields, renovation of refineries and petrochemical complexes as well oil trade.
It said Iran has committed under the agreements to execute renovation projects in Venezuelan oil refineries to bring their outputs to maximum levels.
The report said that Iran had also agreed to provide technical and engineering services and equipment needed for reconstruction and renovation of petrochemical plants, oil export terminals and gas condensate facilities in Venezuela.
Iran and Venezuela have sought to expand their energy cooperation in recent years in a bid to form a united front against sanctions imposed by the United States on their economies.
Iran has offered crucial equipment and services needed to upgrade oil refineries in Venezuela amid efforts in the South American country to respond to a shortage of motor fuels that have been caused by US sanctions.
Iran has also supplied shipments of condensates, which is a very light form of oil, for blending with Venezuela’s heavy crude grade to make it available for exports.