Tehran Times reported that Iran’s Petropars Company and Venezuelan Oil Company are to increase cooperation.

Mr Mohammad Hassan Mirzai deputy manager of Petropars Engineering Department said that "A joint company between Petropars and Venezuela’s Oil Company has been established to boost bilateral ties while the scope of their cooperation is currently being finalized."

He added that "Cooperation in the development of some blocks in the Ayacucho oilfield is also on the agenda and at this time our experts are working in Venezuela preparing the preface for future agreements."