Venezuela and Iran have signed an agreement on the construction of a joint venture, a 45-million-US-dollar cement plant in the northwestern state of Monagas, Venezuelan Basic Industries and Mining Minister Victor Alvarez announced Friday.

The plant will have an annual capacity of one million tons of cement for the development of infrastructure in Venezuela, he said.

Alvarez said the Venezuelan government has been working, since six months ago, on the soil study of the terrain where the plant is to be built and that Iranian experts will visit Venezuela in mid-November to verify the preparatory work.

He said the signing of the agreement consolidates relations between the two countries and opens possibilities of entering other cooperation agreements.

Source: Xinhua