Petropars and Venezuela’s Ministry of Petroleum Sign Energy Cooperation MoU
As part of its international expansion efforts, Petropars Group signed a memorandum of understanding with the Ministry of Petroleum of the Bolivarian Republic of Venezuela on May 10, 2025, during the final day of the Iran International Oil, Gas, Refining, and Petrochemical Exhibition.
According to the Public Relations and International Affairs Department of Petropars, the MoU was signed by Dr. Hamidreza Saghafi, CEO of Petropars, and Carlos Eduardo Canlón Morán, Venezuela’s Deputy Minister of Refining and Petrochemicals, at the Petropars booth.
Under the terms of the agreement, both parties committed to joint studies and development of Venezuelan oil fields, operational execution of selected projects, and commercialization of oil and gas resources. A technical committee will be established to conduct negotiations and assessments to define the financial, legal, and technical framework for a final binding contract.
Confidentiality of shared data will be a fundamental principle during the cooperation process.
If successful, the collaboration may evolve into joint investment models, production-sharing contracts, or licensing agreements. This MoU marks a significant milestone in strengthening Iran-Venezuela energy relations and opens new horizons for international cooperation in the oil and gas industry.