| 01 Nov 2009 |
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Iran-Venezuela Oil Firm Planned
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Iran and Venezuela are preparing to establish a joint oil company with a central office in Spain, energy sources said.
“Iran and Venezuela are establishing an oil company named Beniroug which allows us to make investments and activities in other countries, including Cuba, Sudan, China and Bolivia,” Venezuelan Embassy’s First Secretary for Energy Affairs Louis Mayta told Fars News Agency on Wednesday.
Mayta also reiterated that Spain, which helped settle problems in the registration of Iran-Venezuela Oil Company, will host the central office.
Referring to Caracas’s investment in the Iranian oil industries, he said a contract was inked during the last visit by Venezuelan President Hugo Chavez to Tehran on the basis of which, Caracas will invest in Iran’s South Pars oil and gas filed.
Mayta also stressed that Iran made several investments in Venezuela’s oil industries, including an investment by Petro Pars in the world’s largest oil reserve in the South American country.
The diplomat also said Tehran and Caracas have inked an agreement on daily supplies of 20,000 barrels of gasoline to Iran.
Under the deal, Iran will repay the equivalent sum in the form of investment in Venezuela’s development projects.
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