IRAN AND VENEZUELA SIGN 20-YEAR COOPERATION PLAN
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.
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.