Iran invests in Venezuelan oil sector

Iran will build four oil tankers and invest in a number of oil-refining projects in Venezuela, the Fars News Agency reported on Monday.

Building the tankers will cost around $200 million, according to the report. In July, IRNA reported that Iran has completed construction of the first of four oil tankers.

The Aframax-category tanker, capable of carrying 113,000 tons of oil, the equivalent of 75,000 barrels, was built over the past two years by the Iranian shipbuilding company SADRA.