Iran and Venezuela have signed 11 memorandums of understanding (MoU) during Venezuelan president's visit to Tehran, Press TV reported.
The MoU's were signed by the two countries' ministers during a ceremony in Tehran on Wednesday at the end of the two-day visit of President Hugo Chavez to the Iranian capital, Fars news agency reported.
The agreements promoted co-operation in areas including oil, natural gas, textiles, trade and public housing, the report added.
Iran and Venezuela also agreed to form a joint oil shipping company and jointly construct petrochemical plants.
Venezuela's state oil company Petroleos de Venezuela SA will also participate in the exploitation of Iran's South Pars gas field.
The two fellow members of the Organization of the Petroleum Exporting Countries have in recent years signed several agreements for joint participation and investments in oil and gas projects.