Venezuela, Iran create oil joint venture

AFP: Venezuela’s state oil giant PDVSA has formed a joint venture with Iranian-owned Sadra America Latina to support offshore oil exploration and development, PDVSA said Friday. CARACAS, Dec 22, 2006 (AFP) – Venezuela’s state oil giant PDVSA has formed a joint venture with Iranian-owned Sadra America Latina to support offshore oil exploration and development, PDVSA said Friday.

The new company, Venezirian, will offer engineering, construction and repair services for offshore platforms, PDVSA said in a statement. At first it will involve building offshore structures in Iran and assembling them in Venezuela, but eventually it will involve building them in Venezuela.

PDVSA said the company will enable the transfer of technology to Venezuela, leading to greater local capabilities to supply the oil industry.

Both countries are members of the OPEC oil cartel.