Iranian Oil Minister Javad Owji and his Venezuelan counterpart Pedro Rafael Tellechea signed a number of memorandums and documents in Caracas in the presence of the Latin American country’s Vice President Delcy Rodriguez to boost cooperation in downstream and upstream sectors of oil industry.

The development of oil and gas fields, the renovation and the reconstruction of oil refineries in Venezuela with the aim of maximizing their capacities were among the issues the two sides agreed upon in the memorandums.

Based on the documents, Iran will overhaul Venezuela’s petrochemical complexes, renovate and rebuild its loading docks and oil terminals, and export oil, gas condensates, and oil products.

Tehran has strengthened ties with Caracas in recent years, providing crude and raw materials for Venezuela's aging refining network, as well as overseeing a project to modernize the largest refining complex in the country.

Iran and Venezuela, the two nations hit by illegal U.S. sanctions, signed a document of comprehensive 20-year strategic cooperation during President Nicolas Maduro’s visit to Tehran in June 2022.