• Submitted by: manso
• International
• 10 / 20 / 2010

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Venezuela''s President Hugo Chavez begins Tuesday a working visit to Iran, with view to strengthening energy cooperation particularly in the oil and natural gas sectors.

The two countries are interested in boosting their bilateral cooperation during the eighth round of talks on energy, taking advantage of President Chavez visit.

The negotiations will take as a reference a memorandum of understanding signed last year for a joint oil transport company, the construction of petrochemical units, and participation in the South Fars gas fields in Iran.

Industry sources noted that the eighth round of energy talks comes within the framework in efforts by Tehran and Caracas to promote mutual cooperation in their respective oil, gas and petrochemical industries.

In the past five years, the two countries have signed several protocols and agreements to establish joint companies in the oil sector and boost investment in oil and gas fields.

According to official sources, the launch of this joint company will make it possible send about 500,000 barrels of Venezuelan crude oil to markets in Europe and Asia.
 
Source: PL