Iran, Venezuela swap $760 mln energy investments

Venezuela and Iran will both invest $760 million in each other's energy sectors under deals signed during a visit to Tehran by Venezuelan President Hugo Chavez, Iran's Oil Ministry website SHANA said on Monday.

It said state oil company Petroleos de Venezuela SA (PDVSA) would invest $760 million in the development of phase 12 of Iran's giant South Pars natural gas field in the Gulf.

"Based on the agreement, Iran also pledged to invest $760 million in the development of Venezuelan oil field Dobokubi as well as the development of Block 7 of the Ayacucho oil field," SHANA said.