Iranian companies have signed contracts worth $20 billion to boost gas pressure at the giant South Pars (SP) field in the Persian Gulf, in a plan which is expected to generate $900 billion in revenue.

Venezuela’s Foreign Minister Yvan Gil says he has discussed with Iranian Oil Minister Javad Owji ways to bolster the “energy alliance” between the two countries.

ran has signed more than $80 billion of memorandum of understanding with foreign investors to participate in the financing of oil projects, of which more than $5 billion have been converted into contracts, Deputy Minister of Petroleum Houshang Falahatpour says.

The European Union (EU) is considering reducing its dependence on Russian oil and gas by two-thirds by the end of the year, in response to the Russian military offensive against Ukraine.