Iran-Venezuela Direct Shipping Line to Reinforce Trade Ties

EghtesadOnline: Iran’s Embassy in Caracas has announced via Twitter that a direct shipping line has been established between Iran and Venezuela, with a ship set to depart every three months.

News ID: ۷۵۲۳۳۲

10 March 2023

Iran’s Embassy in Caracas has announced via Twitter that a direct shipping line has been established between Iran and Venezuela, with a ship set to depart every three months.

The aim is to support trade and merchants of both countries, with the first ship having already departed for Venezuela recently, Eurasia Review wrote citing a report by Tasnim News Agency.

The Iranian Chamber of Commerce, Industries, Mines and Agriculture reported in November 2022 that the Islamic Republic of Iran Shipping Line Group had launched the shipping line, but its continuation would depend on the response of businesspeople from both countries.

Iran has reportedly sent the first shipment on Golsan ship to Venezuela in November. The two countries signed a 20-year “cooperation roadmap” during a state visit by Venezuelan President Nicolas Maduro to Tehran in mid-June 2022, seeking to boost bilateral ties as they both face US sanctions.

Both Iran and Venezuela are heavily sanctioned by the United States, and this has brought them closer. Iran regularly sends oil to crisis-stricken Venezuela, and has also loaded Venezuelan oil for sale abroad.

Venezuela is rich in oil, but its refinery industry has crumbled. The country announced in February last year the start of direct flights between Tehran and Caracas.

Iran also exports automobiles to Venezuela.