Venezuela to develop oil fields in Iran

The agreement was signed between Petroleos de Venezuela SA (PDVSA) and Iran's Petropars Company during a visit by Venezuelan President Hugo Chavez to Iran, Bloomberg quoted Venezuela's Information and Communication Ministry as saying on Saturday.

PDVSA also agreed to participate in the development of Iran's giant South Pars gas field.

The head of Iran's Petropars Company Gholam-Reza Manouchehri confirmed the report and said the Venezuelan state oil company will help Iran develop phase 12 of South Pars.

The two countries also signed an agreement on Saturday to jointly develop a new oil field in Venezuela.

Iran is currently one of Venezuela's partners in the development of the Ayacucho oil field in the country's Orinoco Belt.