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News // Politics

Venezuela Welcomes Iran to Invest in Oil and Gas

03 August 2006 , 09:13690
Venezuela's President Hugo Chavez said that Iran's investments in Venezuelan oil and gas assets welcome.

Chavez, during his visit of Tehran, also pledged Venezuela would "stand by Iran at any time and under any condition".

Venezuela and Iran are close allies, both members of the Opec oil-producing cartel and fierce critics of the US.

Iran faces growing pressure from the US over its nuclear programme and its support of the Hezbollah militia, currently battling Israeli forces in Lebanon.

Chavez has been accused by the US of trying to destabilise South America, after he signed a deal to purchase arms from Russia earlier on his foreign tour.

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