The memorandums tackle the development of oil and gas fields and the reconstruction and renovation of Venezuelan oil refineries.
Iran and Venezuela signed a number of memorandums of understanding on the development of oil and gas fields, the reconstruction of refineries and petrochemical complexes, and oil trade, Iranian news agency Mehr reported on Sunday.
According to the news agency, the documents were signed in the presence of Iran’s Oil Minister Javad Owji and Venezuela’s Vice President Delcy Rodríguez and Oil Minister Pedro Rafael Tellechea in Caracas.
It added that the memorandums tackled the development of oil and gas fields and the reconstruction and renovation of Venezuelan oil refineries with the aim of maximizing their capacity.
On Thursday, Owji landed in Venezuela at the head of a delegation that was welcomed by Venezuelan officials.
The Iranian minister’s visit is aimed at promoting Tehran-Caracas cooperation in the downstream and upstream sectors.
It is noteworthy that relations between Iran and Venezuela have recently grown within the framework of the two countries’ 20-year development roadmap.
Defying US sanctions, Iran has consistently sent fuel tankers to Venezuela in the past few years and helped in refinery repairs.
PDVSA, the Venezuelan state-owned oil and natural gas company, relies on Iranian South Pars condensate to convert its heavy oil to exportable grades. Iranian crude oil is also refined into motor fuel in South America.
Historically, the two countries have had friendly and strong relations, especially during the era of the late socialist leader Hugo Chavez (1999-2013), which were further strengthened during the era of his successor, Nicolas Maduro.
This article was originally published by Al Mayadeen English.