Iran, Venezuela sign agreements, call ties strategic

09:01, October 22, 2010      

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Iran and Venezuela signed several agreements during Venezuelan President Hugo Chavez's visit to Tehran, which ended on Wednesday, and called their developing ties strategic.

Heading a delegation of economists and politicians, Chavez arrived in Tehran on Monday for talks on diverse areas of cooperation with Iran.

On Wednesday, the ministers of the two countries signed 11 Memorandums of Understanding (MoUs) on promoting cooperation on oil, natural gas, textiles, trade and public housing projects, the local satellite Press TV reported Thursday.

During Chavez's visit, Iran hosted energy talks with Venezuela as part of the two sides' efforts to boost bilateral cooperation on oil, gas and petrochemical industries.

Tehran and Caracas agreed to form a joint oil shipping company and set up petrochemical plants, said the report.

According to the agreement, Venezuela's state oil company Petroleos de Venezuela SA will participate in the exploitation of Iran's South Pars gas field, said Press TV.

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