Tags: venezuela | iran | oil | chavez

Venezuela, Iran May Form Joint Oil Company

Tuesday, 10 November 2009 09:20 AM

CARACAS - Venezuela and Iran are considering a wide-ranging energy cooperation deal that will give Iran a sanctions-busting option to import up to 20,000 barrels a day of gasoline from this Latin American country.

The deal has been discussed over several months already and is now slated for final consideration when Iranian President Mahmoud Ahmadinejad visits Caracas at the invitation of President Hugo Chavez, officials said. Ahmadinejad, who put off a summer visit because of elections in which he was re-elected, will now visit Caracas before the end of 2009, officials added.

The energy cooperation deal also includes discussion on setting up a joint Venezuelan-Iranian oil company with headquarters in Spain. The projected company, too, has been under consideration by the two sides for some time, but the talks were delayed because of difficulties over registration of a company with Iranian equity in it. The problem was resolved when Spain agreed to host the company's headquarters, officials said.

Venezuelan President Hugo Chavez said he wanted Ahmadinejad to be beside him when he inaugurates new housing built as part of a bilateral cooperation project.

"I want him (Ahmadinejad) to accompany me to inaugurate some houses," Chavez told the Iranian ambassador to Venezuela, Ahmad Sobhani, during a television and radio show.

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Tuesday, 10 November 2009 09:20 AM
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