Venezuela and Iran sign agreements on oil, gas and petrochemicals

Iran and the Venezuelan oil company PDVSA signed several memorandums of understanding in strategic areas such as gas, oil and petrochemicals

The state oil company PDVSA signed several memorandums of understanding with Iran, regarding oil, gas and petrochemicals. These are the first binational initiatives after the resignation of Tareck el Aissami from the Ministry of Petroleum.

The Iranian Minister of Oil, Javad Oji, and his Venezuelan counterpart Pedro Rafael Tellechea, recently met to sign the agreements, with the participation of the Venezuelan Vice President, Delcy Rodríguez.

The main objective of these agreements is “to strengthen bilateral cooperation between Iran and Venezuela in the upstream and downstream sectors of the oil industry.”

Both parties have also focused on the “development of oil and gas fields”, as well as the reconstruction and renovation of oil refineries in the Venezuelan territory in order to maximize their capacity.

Other key sectors that were also considered establishing the new agreements are: “the reconstruction and modernization of the Venezuelan petrochemical complexes with Iranian technical and engineering services and equipment; the reconstruction and modernization of the loading dock, the oil terminal and the trade and export of oil, gas condensate and petroleum products.”



(Reference image source: Nathan Forbes, Unsplash)

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