The signing ceremony, broadcast by Iranian state television, was overseen by Iranian President Ebrahim Raisi and his Venezuelan counterpart Nicolas Maduro, and took place at Saadabad Palace in northern Tehran.
The plan includes co-operation in the fields of oil, petrochemistry, defense, agriculture, tourism and culture and was signed by Venezuelan Foreign Ministers Hossein Amirabdollahian and Carlos Faria.
The plan also includes repairing Venezuelan refineries and exporting technical and engineering services.
“Venezuela has shown exemplary resistance to sanctions and threats from enemies and imperialists,” Raisi said. “The 20-year cooperation document is a testament to the two countries’ willingness to develop ties.”
“The sanctions and threats against the Iranian nation over the last 40 years have been numerous, but the Iranian nation has turned these sanctions into an opportunity for the country’s progress,” he said.
Maduro said a weekly flight from Caracas to Tehran would begin on July 18.
Maduro, who arrived in Tehran on Friday, is on a two-day visit and leads a high-ranking political and economic delegation. He has previously visited Turkey and Algeria.
Maduro and Raisi then attended a ceremony marking the delivery to Venezuela of the second of four oil tankers with a capacity of 800,000 barrels each, which they ordered from the Iranian company SADRA, the news agency reported. Iranian state press IRNA.
SADRA has been under US sanctions for more than a decade because of its links to Iran’s elite Revolutionary Guards.
Iran and Venezuela have expanded their cooperation since 2020, especially in energy projects and oil exchanges.
In May, the state-owned Iranian National Oil Engineering and Construction Co. signed a contract worth about 110 million euros to repair Venezuela’s smallest refinery, 146,000 barrels per day.
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