Venezuela proposes founding world oil bank

Venezuelan Minister of Planning and Development Haiman El Troudi quoted President Hugo Chavez as proposing establishment of world oil bank, IRNA reported. Following a meeting with Iran's Industries and Mines Minister Ali Akbar Mehrabian, he further added that Iran, Russia and Venezuela have so far announced their preparedness to set up the entity. "Iran and Venezuela have taken numerous steps for promoting the level of ties, including setting up of joint fund and bank," he said, adding that many of Iranian companies are currently implementing different projects in Venezuela. Iran-Venezuela ties are currently at the best level and powerful countries which intended to mount pressure on them are now on the verge of collapse, Troudi said. "We want to show to the world how the two countries are cooperating with each other," he said. Mehrabian, for his part, said that several months ago, the two countries designed the plan for extension of Apure-Orinoco road and Iran conducted necessary studies and presented the results to that country. The plan was warmly welcomed by President Chavez, Mehrabian said. Stating that studies on the road will continue, he said, "We seek to sign an agreement on the extension of the road." Tehran-Caracas ties are deep-rooted and their presidents are firm in further deepening them, he said.