Cooperation between Iran and Venezuela in the oil sector entered a new phase following the signing of a preliminary agreement last year between the two countries.

Afghan Voice Agency (AVA) - Monitoring: Tehran and Caracas inked a number of contracts for collaboration in oil sector. The deals were signed between Owji and his Venezuelan counterpart Pedro Rafael Tellechea in Caracas on Monday.

The documents pertain to cooperation in the development of oilfields and oil terminals and the restoration of petrochemical and refining capacities.

Cooperation between Iran and Venezuela in the oil sector entered a new phase following the signing of a preliminary agreement last year between the two countries to develop Venezuelan refineries using Iranian technical know-how and equipment, Shana News Agency reported.

Together, Iran and Venezuela sit on 40 percent of the world's oil reserves, according to the Iranian Oil Ministry’s news service.

Both countries' oil industries are under US unilateral sanctions.

Despite the embargoes, Iran has managed to domestically manufacture 85 percent of the needed equipment for its oil industry.

Owji stated that Iran has exported more than 2.8 million refinery spare parts to Venezuela in the past 20 months.
“There is good capacity and potential in trade with Venezuela because this country has four refineries with a capacity of 1.4 million barrels of oil, but this capacity went unnoticed due to the embargo and the exit of specialized forces,” the minister added.

He made the remarks in an address to reporters on the sidelines of his visit to the Venezuelan capital Caracas as a member of the high-ranking political and economic delegation accompanying Iranian President Seyed Ebrahim Rayeesi.

At a joint presser with Venezuelan President Nicolas Maduro on Monday, Rayeesi stated that Tehran and Caracas are determined to reach the volume of exchanges to 10 billion dollars in the medium term and further increase them to 20 billion dollars.

The press conference was preceded by an official ceremony during which the two countries’ ministers and other top officials signed a total of 19 pacts and memorandums of understanding.