Iran and Venezuela signed new paperwork and memoranda of understanding (MoUs) to bolster bilateral cooperation within the fields of the event of oilfields, renovation of refineries and petrochemical complexes and likewise oil commerce. 

Throughout his go to to Caracas, Iranian Oil Minister Javad Owji and Venezuela’s First Vice President Delcy Rodriguez signed a number of cooperation paperwork and MoUs to strengthen bilateral cooperation within the down- and upstream sectors of the oil business.

The event of oil and gasoline fields, and renovation and reconstruction of Venezuela’s oil refineries have been additionally emphasised by Owji and his Venezuelan counterpart Pedro Rafael Tellechea throughout the framework of MoUs geared toward maximizing the capability of those complexes.

In the course of the assembly, the Iranian and Venezuelan oil ministers reached an settlement within the fields of renovating and reconstructing petrochemical complexes in Venezuela by exporting technical and engineering companies from Iran to this Bolivarian nation, exporting oil and gasoline condensates in addition to oil byproducts.