Venezuela and Iran have signed deals to each invest $760 million in their respective petroleum sectors following a Venezuelan state visit, an Iranian agency said Monday.
Shana, Iran's Oil Ministry news agency, said Venezuelan President Hugo Chavez signed a contract whereby his country's oil company Petroleos de Venezuela SA, or PDVSA, will invest $760 million as part of its 10% stake in Iran's South Pars phase 12. State-owned Iranian company Petropars is in charge of the project.
Shana also said Petropars committed to invest $760 million in Venezuela's Dokobuki field, through its 20% stake in the project.
However, Shana reported in a separate news item that although Petropars is optimistic about the project, it has yet to sign a final investment decision in the field. It will complete feasibility studies of an oil field in Venezuela in September, it said, quoting Petropars' Managing Director Gholamreza Manouchehri.
However, he told Shana the two countries had agreed on the development and utilization of the field's oil.
Venezuela's President Chavez visited Iran over the weekend and pledged to boost oil cooperation with the Islamic republic, which faces the threat of new international sanctions over its nuclear program.