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Iran, Venezuela to launch joint Oil Company

Iran and Venezuela are preparing to establish an oil company in joint venture with its central office in Spain, energy sources said Wednesday.

“Iran and Venezuela are establishing an oil company named Beniroug which allows us to make investments and activities in other countries, including Cuba, Sudan, China and Bolivia,” Venezuelan Embassy’s First Secretary for Energy Affairs Louis Mayta told FNA on Wednesday.

Mayta also reiterated that Spain, which helped to the settlement of problems in the registration of Iran-Venezuela’s joint company, will host its central office.

Referring to Caracas’s investment in the Iranian oil industries, he said a contract was inked during the latest visit by Venezuelan President Hugo Chavez to Tehran on the basis of which, Caracas will invest in Iran’s South Pars oil and gas filed.

Mayta also stressed that Iran made several investments in Venezuela’s oil industries, including an investment by Iran’s Petro Pars in the world’s largest oil reserve in the South American country.

The diplomat had earlier on Monday announced that Tehran and Caracas have inked a deal on daily supplies of 20,000 barrels of gasoline to Iran.

Mayta underlined that based on the agreement Iran will repay the equivalent sum in the form of investment in his country’s projects by Iranian companies.

The diplomat further assured that the quality of the gasoline to be supplied to Iran would stand at international levels.

Venezuelan President Hugo Chavez had earlier announced his country’s preparedness to export 20,000 barrels of gasoline to Iran as soon as October.

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