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.