The oil cooperation between Iran and Venezuela in the field of development of fields, modernization of refineries and petrochemical complexes and oil trade was triggered with the signing of new documents and memorandums of cooperation.

 The development of oil and gas fields, the reconstruction and renovation of Venezuelan oil refineries in order to maximize the capacity of these complexes are among the issues mentioned in the memorandums signed between Owji and Pedro Rafael Tellechea, the Minister of Oil of Venezuela.
 
In these documents, agreements were made about the reconstruction and modernization of Venezuelan petrochemical complexes with Iranian technical services, engineering and equipment, the reconstruction and modernization of the loading dock, oil terminal, trade and export of oil, gas condensate and petroleum products.
 
Iran and Venezuela have already had agreements in the field of oil and energy since the inauguration of the 13th administration, and an important part of these operational agreements and new documents have been signed to develop and strengthen effective cooperation between the two countries.