Iran and Venezuela have signed a contract worth US$850m and a memorandum of understanding worth between US$5-7bn for exchange of industrial products and technical and engineering services. Minister of Industries and Mines Ali-Reza Tahmasebi told reporters that the contracts were signed during his recent visit to Venezuela and following talks with Venezuelan industrial and economic officials.

Tahmasebi said Iranian and Venezuelan officials had signed 21 cooperation contracts in the course of the third Tehran-Caracas joint economic cooperation commission session. He said that contracts call for cooperation in gas, petrochemicals, and aluminum sectors, establishment of brick mill and construction of a second cement plant in Venezuela by Iran. He added that the value of the cement plant is dlrs 200 million.