Strengthening Ties With Iran

November 2007 | Risk Summary

In a partnership that is guaranteed to trouble the US administration, Iran and Venezuela are to form a US$1bn global oil and gas venture aimed at seizing investment opportunities in countries where established international oil companies (IOCs) are either unwelcome or are dissatisfied with the rates of return available. The two countries currently produce some 9% of the world's oil. Venezuela is also a major supplier to the US of both crude oil and refined products. Its cooperation with Iran will not please the US authorities, given the current tensions over Tehran's uranium enrichment

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