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Iran and Venezuela Sign Petrochemical Expansion

OIL

Iran and Venezuela want to increase bilateral trade to $20 billion, up from $3 billion Iranian President Ebrahim Raisi said Monday on his visit to Caracas in part through further oil related co-operation.

  • The two countries signed a memorandum of understanding to expand cooperation in petrochemicals this week.
  • Venezuelan state television said the accord between Venezuelan state petrochemical firm Pequiven and its Iranian counterpart would facilitate cooperation in oil exploration and development and assess the possibility of joint projects.
  • Iran and Venezuela signed a 20-year cooperation plan in Tehran last year, pledging partnership on oil – including to repair oil refineries in Venezuela.
  • Iran has provided fuel and diluents to convert Venezuela's extra-heavy crude into exportable grades.
Energy BulletsCommodities
Energy BulletsCommodities

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