Iran, Venezuela strengthen oil & gas ties; two petrochemical complexes likely

Fortifying the bilateral relations between Iran and Venezuela in the oil and gas sector, the two ministries considered construction of two petrochemical complexes in Iran and Venezuela. The officials of the two OPEC member nations also discussed 3.2 mln methanol production facility for Asian and European markets at the Iran-Venezuela Joint Energy Commission meeting in Tehran. Petroleos de Venezuela SA (PDVSA), Venezuela's state-owned oil major inked a MoU with Iran's Petropars Company to develop several small oil fields in Iran and also construction of phase-12 of Iran's South Pars gas field. Besides, the two oil-rich nations agreed for development a new oil field in Venezuela.
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