Venezuela and the Islamic Republic of Iran signed 25 deals across different development areas including energy during an official visit by Iran’s President Seyed Ebrahim Raisi to Caracas.

“I had a pleasant and important bilateral working meeting with Seyed Ebrahim Raisi,” Venezuela’s president Nicolás Maduro announced in a June 12 Twitter post. “The objective is to continue advancing along the path of shared development, cooperation, respect, peace and the well-being of our peoples,” Maduro said.

In energy, the countries signed a memorandum of understanding (MoU) to promote cooperation in the petrochemical sector.

Venezuela and Iran plan to establish a working mechanism between the petrochemical companies of the two countries to strengthen, facilitate and expand opportunities for collaboration in exploration and exploitation with an aim to make joint productive projects visible, Venezuela’s state-owned Petróleos de Venezuela (PDVSA) said in a June 13 press.

The MoU was signed by Venezuela’s energy minister Pedro Rafael Tellechea and his Iranian counterpart Javad Owji. Tellechea is also the president of PDVSA and Venezuela’s state petrochemicals company Pequiven.

The countries also inked agreements spanning multiple sectors: communications, livestock, maritime transport, ports, science and technology, culture, mining, health and insurance. An agreement was also signed for university scholarships through the Gran Mariscal de Ayacucho Foundation (Fundayacucho by its Spanish acronym).

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