Iran to Build Oil Facility in Venezuela

Iran and Venezuela signed an agreement valued at $130 million to build an oil-platform facility in the South American country, Tehran Times reported, citing an Iranian Offshore Engineering and Construction Co. official.

Transferring equipment from Iran to Venezuela is one of the project’s main challenges, said Amir Saeed Najafi Haghi, the managing director’s deputy for projects affairs. He gave no further details about the plan, according to the newspaper.