Published on: June 13, 2022

IRAN AND VENEZUELA SIGN 20-YEAR COOPERATION PLAN

IRAN AND VENEZUELA SIGN 20-YEAR COOPERATION PLAN

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Stanger 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.