Iran Press/ America: The agreements were inked by Iran's Oil Minister, Javad Owji, and his Venezuelan counterpart, covering the development of oil fields and terminals, as well as the restoration of refining and petrochemical capacities.
Tehran-Caracas cooperation in the oil sector has been promoted since Iran's 13th administration took over. Last year, the two countries signed a contract to develop Venezuela's refineries using Iran's technical know-how and equipment.
Despite US unilateral sanctions, Iran has managed to produce 85% of the equipment needed by its oil industry, not only meeting domestic needs but also exporting its technical and engineering services to regional countries and other oil-rich states such as Venezuela.
Both countries hold around 40% of the world's oil reserves. Iranian President Seyyed Ebrahim Raeisi began a tour of Venezuela, Nicaragua, and Cuba on Monday accompanied by several ministers and top officials.
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