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News // Oil and gas worldwide

Venezuela To Take Part in Iran's Oil Fields Development

07 April 2009 , 08:50Ksenia KochnevaXinhua News Agency1074

Venezuelan state oil company, Petroleos de Venezuela SA (PDVSA), signed a memorandum of understanding (MoU) to develop "17 small oil fields in Iran," a report by Iran's Press TV website.

The agreement was signed between PDVSA and Iran's Petropars Company at the end of Chavez's four-day visit which ended on Saturday.

PDVSA also agreed to be engaged in the developing Iran's South Pars gas field, the head of Iran's Petropars Company Gholam-Reza Manouchehri said.

Moreover, Iran and Venezuela signed an agreement on Saturday to develop a new oil field in the Latin American country, Iran's oil minister Gholam Hossein Nozari said.

During Chavez's visit to Iran, the two countries signed nine MoUs at the presence of the two countries' presidents.

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