Iran, Venezuela sign agreements, call ties strategic (4)

09:02, October 22, 2010      

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Iran inked a deal with Russia to purchase the S-300 weaponry systems in 2007, however, Russia scrapped plans to deliver S-300 air defense missile systems to Iran as it falls under the UN sanctions, Russian Chief of General Staff Nikolai Makarov said in September.

The S-300 is an advanced mobile missile system which can shoot down aircraft and cruise missiles from up to 150 km away.

On Tuesday, Iranian Minister of Industries and Mines Ali Akbar Mehrabian said that the current trade volume between Iran and Venezuela is about 3.5 billion U.S. dollars, however, both sides are determined to promote it to even higher levels.

Grounds for expansion of economic cooperation in oil, gas, petrochemical, agriculture, transportation, banking and housing are well-prepared between the two countries, IRNA quoted Mehrabian as saying.

Mehrabian made the remarks on the sidelines of Iran-Venezuela Joint Economic Commission which kicked off in Tehran on Tuesday.

He added that Iran and Venezuela so far have signed dozens of MoUs on economic and political cooperation, according to the report.

Iran has launched some 80 Iranian-led industrial and development projects in Venezuela, indicating the booming economic cooperation between the two countries, the minister said.

Source: Xinhua
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