Iran, Venezuela sign agreements to build oil reservoirs, refineries

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sadra oil tanker
The Aframax-category tanker is capable of carrying 113,000 tons of oil – equivalent of 75,000 barrels – was built in two years by the Iranian Marine Industrial Company (SADRA). Photo – Saber Zamani/Mehr

Iran announced on Monday it will make investments worth $200 million in Venezuela to build four oil reservoirs and refineries for storing and refining oil products.

Semi-official Fars News Agency reported that in addition to the deals, Iran will also design and construct some small refineries in the Latin American nation.

The tanker is one of the four tankers ordered by the Venezuelan company and built by Iran Marine Industrial Company (Sadra).

According to the report, Tehran said it is also working on a domestically-made oil tanker which will be shipped to Venezuela after its competition in July. The vessel can carry 750,000 barrels of oil. Iran says Venezuela has commissioned four tankers in total.

The Islamic Republic has enhanced economic cooperation with Latin American countries in order to relieve itself of economic and political pressure from sanctions imposed by the US and EU.

Earlier this year, Venezuelan President Hugo Chavez annouced Caracas is building unmanned drone aircraft as part of military cooperation with Iran and other allies.

Iranian President Mahmoud Ahmadinejad will visit Venezuela in January next year.

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