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Source : Date : 1385/12/21
News: Iran-Venezuela deals to reach $18b
Iran-Venezuela deals to reach $18b
Mon, 12 Mar 2007 13:46:46
Iran expects the total value of its economic deals with Venezuela, including pending draft agreements, to exceed $18 billion in the near future.

Mohsen Shaterzadeh, deputy minister of industries and mines for economic and international affairs, told IRNA that joint ventures worth some $201 million have already been completed or will become operational shortly.

He added that Tehran and Caracas have also signed $2.5 billion worth of agreements to jointly construct a broad variety of projects in Venezuela including residential units, a cement plant and a soft drink factory.

The official said the two countries are in the final stages of concluding several more agreements totaling $7.8 billion, including contracts for building an oil drilling platform and developing a ship-building facility in the Latin American country.

"Some $5.5 billion of memoranda of understanding and draft agreements has also been reached between the two countries to develop an ammonia plant and expand oil exploration cooperation," he said.

The official added that new draft agreements worth $2.8 billion are scheduled for signing by Tehran and Caracas in the future.

Shaterzadeh said, "The new MoUs would aim to boost bilateral cooperation in gold and diamond exploration projects, setting up an Organization of Petroleum Exporting Countries' bank, manufacturing radio and television equipment," and other projects.

Relations between Tehran and Caracas have improved significantly in recent years. Both countries are members of the Organization of Petroleum Exporting Countries and oppose Washington's unilateral policies.

A 52-member senior Venezuelan business delegation was in Tehran last week to attend the Fourth Meeting of Iran-Venezuela Joint Economic Commission, which first convened in 2002.

Senior Iranian officials participated in the meetings, which aimed chiefly to enhance business interactions between the two oil-rich nations.

Committees representing industrial, agricultural, health, oil and energy sectors from both sides explored new avenues of cooperation during the two-day event.

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