Iran

    Iranian President Mahmoud Ahmadinejad and his Venezuelan counterpart, Hugo Chavez, have launched construction of a joint petrochemical plant in Iran. The plant will cost some USD 700 million and take four years to complete, with a second one scheduled to be built in Venezuela. This is the Venezuelan leader’s third visit to Iran in two years. In a defiance of Western powers Venezuela is a strong supporter of Iran’s nuclear program, and the two nations are both major oil exporters. (BBC)

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