Iran, Venezuela sign contracts for cooperation in oil sector

Iran and Venezuela signed a number of contracts for cooperation in oil sector on Monday.

The contracts were signed between Iranian Oil Minister Javad Owji and his Venezuelan counterpart Pedro Rafael Tellechea in Caracas. It added the deals relate to cooperation in the development of oilfields and oil terminals and the restoration of petrochemical and refining capacities.

Cooperation between Iran and Venezuela in the oil sector entered a new phase following the signing of a preliminary agreement last year.