Iran commits to oil and gas projects in Venezuela: Minister
Iran has committed to development and renovation projects in the Venezuelan oil and gas industry, according to the Iranian Oil Minister Javad Owji.
Owji said on Tuesday that Iran and Venezuela had signed petroleum sector cooperation deals on the sidelines of a GECF summit of gas exporting countries in Doha, Qatar.
He said that under the deals, Iran will develop oil and gas fields in Venezuela where the industry has been barred from foreign investment and technology for a number of years because of American sanctions.
“Other memoranda of understanding reached with Venezuela covered the renovation and modernization of oil and gas refineries, the transfer of technology and the provision of technical and engineering services,” the minister was quoted as saying by the official IRNA news agency.
Iran and Venezuela have been engaged in close cooperation over the past three years as the two countries seek to offset the impacts of US sanctions on their energy sectors.
Iran has supplied fuel shipments and equipment needed in crude refineries to Venezuela despite incessant US pressure on shipping and trade services.
Venezuela has also received major shipments of condensate, a very light form of crude, from Iran to mix it with its heavy oil before it can be supplied to the international markets.
Owji said in Doha that Iran will sign similar energy cooperation agreements with countries represented in the GECF summit later on Tuesday.
Experts say US sanctions on the Iranian oil and gas sector created a major opportunity for domestic companies to boost their technological know-how and to win major contracts abroad.
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