Why in news?

Iran and Venezuela signed a 20-year cooperation plan in Tehran as the two countries, among the world’s top oil producers, grapple with U.S. sanctions that are crippling their exports.

About the cooperation plan

• The plan includes cooperation in the fields of oil, petrochemicals, defence, agriculture, tourism, and culture
• It also includes repair of Venezuelan refineries and the export of technical and engineering services.
• Iran and Venezuela have expanded cooperation since 2020, particularly in energy projects and oil swaps.

Background:

• In May, Iran’s state-owned National Iranian Oil Engineering and Construction Co signed a contract worth about 110 million euros to repair Venezuela’s smaller 146,000 barrel-per-day refinery.