A Venezuelan energy delegation will be in Tehran by Friday to discuss with Iranian officials ways to promote bilateral ties, the Iranian deputy oil minister for international affairs said here on Tuesday.
"The two sides will review potentials to boost cooperation in technical and engineering fields," Hossein Noqrekar Shirazi told SHANA news agency.
Iran is already one of Venezuela''s partners in the development of Ayacucho oil field in the country''s Orinoco Belt. The two countries will invest $4 billion in the joint project.
The Ayacucho 7 block has an estimated 31 billion of the 1.3 trillion barrels of extra-heavy crude believed to exist in the 55,000-sq. km. Orinoco Belt, located in east-central Venezuela.
The joint investment plan in Ayacucho oil field is one of a series of 33 bilateral energy accords that Venezuela and Iran have signed in recent years.
Included in these agreements is the creation of a bilateral and international company, the product of the synergy between PDVSA (Venezuelan state-owned petroleum company) and Iranian state oil firm Petropars, to undertake joint projects in third countries and build oil tankers.
Iran and Venezuela also signed an agreement to develop a new oil field in the Latin American country during Venezuelan Energy Minister Rafael Ramirez's visit to Tehran in April.
According to the agreement Iran''s Petropars Company will develop the oil field.
During Ramirez's meeting with Iranian Oil Minister Gholam-Hossein Nozari, the two ministers also discussed the joint construction of two petrochemical production units, one in Iran and the other in Venezuela.
The two OPEC members also have agreed to establish a joint shipping company for transporting oil products.