The eighth round of Iran-Venezuela's energy talks as part of the two countries' efforts to boost mutual cooperation in oil, gas and petrochemical industries will be opened in Tehran tomorrow.
The two-day energy talks will focus on the establishment of a joint oil shipping company as agreed in a memorandum of understanding the two countries signed last year, the construction of petrochemical units and participation in Iran's South Pars gas field.
Over the past five years, Iran and Venezuela have signed various memorandums of understanding and contracts to set up a joint oil shipping firm and participate and invest in oil and gas fields.
According to Tehran and Caracas oil officials, the launch of the joint oil shipping company will transport nearly 500,000 barrels/day of Venezuela's crude oil barrels to Asian and European markets, Press TV reported.