Iran is due to build 4 reservoirs for storing oil products and plans to make $200mln of investment in the projects.
Also, the Iranian officials have decided to invest in refining projects and design and construct a number of small refineries in Venezuela.
Tehran and Caracas have expanded their economic and industrial relations in recent years; in a latest development a senior Iranian official announced that the country plans to deliver the first home-made Aframax oil tanker to Venezuela.
The tanker is one of the four tankers ordered by the Venezuelan company and built by Iran Marine Industrial Company (Sadra).
Iran has in recent years expanded friendly ties with Latin America, specially in economic, trade and industrial fields.
Since taking office in 2005, Iranian President Mahmoud Ahmadinejad has expanded Iran’s cooperation with many Latin American states, including Venezuela, Bolivia, Ecuador and Cuba.
Iran’s strong and rapidly growing ties with Latin America, specially with Venezuela, have raised eyebrows in the US and its western allies since Tehran and Latin nations have forged an alliance against the imperialist and colonialist powers and are striving hard to reinvigorate their relations with the other independent countries which pursue a line of policy independent from the US.