Iran has agreed upon building some oil reservoirs and refineries in Venezuela, Xinhua reported Monday.
According to Fars News Agency, Iran has inked agreements with the Latin American country to invest $200 million for building four reservoirs to store oil products. In addition, Iran will design and construct some small refineries in Venezuela.
The Islamic republic is also planning to deliver a domestically-made oil tanker to Venezuela. The tanker, which was completed in July and can carry 750,000 barrels of oil, is one of the four tankers commissioned by Venezuela, the report added.
Tehran has been seeking to enhance ties with Latin American countries to relieve economic and political pressure from sanctions imposed by the West.
President Mahmoud Ahmadinejad has expanded Iran's cooperation with some Latin American countries. His visit to Venezuela and some other Latin American countries early this year stirred worries in the West about Iran's expanding influence in the region.