Chávez is paying his ninth visit to Iran (Photo: Vahid Salemi / AP)

Venezuela and Iran will establish a joint oil shipping company for export and transport of crude oil during the visit that Venezuelan President Hugo Chávez is paying to Tehran, official sources said.

According to Venezuelan embassy sources in the Iranian capital, the creation of the oil company will allow Venezuela to sell more than half a million barrels of oil to Europe and Asia. The two parties had previously prepared a memorandum of understanding concerning the establishment of the joint oil shipping company that will be completed during Chávez's stay in Tehran.

Both countries will discuss the possibility that the Latin American country takes part in Iran's South Pars gas field, which is considered the richest in the world.

Source: ElUniversal.com