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Iran, Venezuela To Ink Agreements Worth Over Billion Dollars

Caracas, March 11, IRNA -- Visiting Iranian Minister of Industries and Mines Es'haq Jahangiri said in Caracas on Friday that several agreements worth a total of above one billion dollars are expected to be signed during President Mohammad Khatami's visit to Venezuela.

Speaking to reporters, Jahangiri said that 20 agreements and memoranda of understanding (MoUs) are to be mutually signed in various fields.

"Agreements on encouragement and support of investment, elimination of double taxation, shipping and marine trade as well as MoUs on oil, gas and petrochemistry will be signed during the current visit," he added.

The minister also referred to other agreements on cooperation between the two countries on geological and mines projects.

Turning to Iran's participation in the construction of a tractor manufacturing factory in Venezuela, Jahangiri said that President Khatami is scheduled to inaugurate the project on Sunday.

"Some 43 million dollars has been invested in the project and its annual production capacity is 5,000 tractors," he added.

Jahangiri also referred to another agreement signed between the two countries on the establishment of a cement production plant in Venezuela worth 200 million dollars.

"Meanwhile, agreements on construction of 10,000 residential units, reconstruction of seven silos and establishment of 100 plasticware production plants will be signed between the two states," he added.

President Mohammad Khatami arrived in Caracas Thursday at the head of a ranking delegation. He arrived in Caracas from Sarajevo on the third leg of his three-nation tour which has already taken him to Croatia and Bosnia-Herzegovina.

Khatami is expected to meet Venezuelan President Hugo Chavez for talks on issues of bilateral interest, as well as regional and international developments.

... Payvand News - 3/11/05 ... --

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