PDVSA, Iranian Firm Create Offshore JV

Venezuela's state oil company PDVSA reported that its subsidiary CVP and Iranian firm Irani Sadra America Latina have created an offshore E&P joint venture to be known as Venezirian Oil Company.

"[Our] Iranian partners have vast experience in offshore oil development and this alliance will provide our country with high technological know-how," CVP president Eulogio Del Pino said in a PDVSA statement.

Venezirian will be headquartered in Caracas and will speed up the installation and operational startup of new gas developments, the majority of which are offshore, the statement said. It added that the JV will build semi-submersible and self-raising platform components, which will be assembled in Venezuela.

In related news, PDVSA's sea transport unit PDV Marina signed a contract with Sadra (Iran Marine Industrial Company) to purchase four 105,000-t crude oil tankers.

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