Iran, Venezuela to launch joint oil company

Iran and Venezuela will launch a joint oil company headquartered in Spain. “Iran and Venezuela are establishing an oil company named Beniroug which allows us to make investments and activities in other countries, including Cuba, Sudan, China and Bolivia,” First Secretary for Energy Affairs of Venezuela’s Tehran Embassy, Louis Mayta, was quoted as saying. The Venezuelan diplomat said Tehran and Caracas have inked a deal on daily supplies of 20,000 barrels of gasoline to Iran. (October 28, 2009)