Venezuela, Iran want to increase trade to $20 bln-Iranian president

CARACAS, June 12 (Reuters) -

Iran and Venezuela want to increase bilateral trade to $20 billion, up from $3 billion, Iranian President Ebrahim Raisi said on Monday during a visit to Caracas.

During the visit the two countries signed a memorandum of understanding to expand their cooperation in petrochemicals with a view to carrying out joint projects, an expansion of their already-close cooperation in oil.