Venezuela, Iran agreement go into effect

Venezuela, Iran agreement go into effect

JAN. 12 7:10 P.M. ET Venezuelan lawmakers approved a bill Thursday that will allow preliminary cooperation agreements signed by the South American country and Iran to go into effect.

Venezuelan President Hugo Chavez has signed numerous preliminary agreements with Iranian officials, including an accord to jointly build oil tankers, over the last two years. Pro-Chavez lawmakers dominate Venezuela's legislature.

Diplomatic relations between the two oil-producing countries have tightened as left-leaning Chavez has sought to build international alliances to counter what he sees as U.S. economic and political dominance in Latin America.
Venezuela. The two nations also have plans to jointly survey and certify heavy crude deposits in Venezuela's oil-rich Orinoco river belt.

Venezuela and Iran are both members of the Organization of the Petroleum Exporting Countries and have consistently backed efforts to bolster prices by controlling production volumes.