Iran expects Venezuelan energy investments

TEHRAN, July 22 (UPI) -- Iranian oil officials expect a delegation from Venezuela this week to offer to move toward bilateral cooperation in the energy sector.

Nogrehkar Shirazi, the deputy oil minister for international affairs, said a high-ranking delegation from Venezuela is expected in Iran this week to examine the potential for cooperation in the energy field, the Petroenergy Information Network reports.

"This is to boost bilateral ties," he said. "The two sides are to conduct surveys on engineering and technical development."

The minister said he expects Venezuela to come forward with offers to invest in the Iranian oil and gas sector.

"Iran is to make use of other countries investment capacity in developing country oil industry," said the deputy.

Iranian officials in June said Venezuela was among a number of other countries interested in developing Phase II of the South Pars gas field.

South Pars gas reserves are estimated at 450 trillion cubic feet, roughly half of all total gas reserves in Iran.

Iran and Venezuela are among the members of the Gas Exporting Countries Forum, an energy alliance of leading natural gas producers.