Iran and Venezuela plan to establish a global oil venture to implement projects in countries where oil giants face tough conditions.
The $1b joint Venezuelan-Iranian Oil & Gas Company, VENIROGC, is likely to be registered by the end of current year, said a VENIROG board member, Mohammad Ali Talebi, in an interview with Bloomberg.
Talebi, also chief of the Venezuelan operations at Iran's Petropars Ltd. said that the head office of the joint venture is to be located in a European country.
The activities of the Venezuelan-Iranian Oil & Gas Co. will be similar to Chevron Corporation, Royal Dutch Shell PLC or Eni SpA, said Talebi.
The equal-share partnership between the state-run Petroleos de Venezuela SA and Petropars Ltd would mainly focus on energy projects outside the two countries, including Bolivia, he added.
According to the Iranian official, the Netherlands or Spain are possible sites for the joint venture's head office.
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