July 30, 2006
Tehran and Caracas ink 11 MOUs

(Tehran Times.com) - "Iran and Venezuela signed eleven MOUs (memoranda of understanding).

After signing the deals, Iranian President Mahmud Ahmadinejad and his Venezuelan counterpart Hugo Chávez called for further expansion of economic, industrial, environmental, and oil cooperation between the two countries.

The MOUs were on: establishment of joint house building companies, petrochemicals, oil extraction, aviation, health and medical drug production, environment, industrial mold production.

Iran's Oil Minister Kazem Vaziri-Hamaneh said on Sunday that Iranian firm Petropars would invest $4 billion in two Venezuelan energy projects.

Petropars is already certifying some tarry crude in the Orinoco Belt and is looking to develop reserves there. It is also seeking to supply training and services to the Norte de Paria offshore gas field".