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and are to conclude a 20-year collaboration deal whenÌýPresident visits Tehran in the coming months,ÌýAl JazeeraÌýhas reported.

Iran Foreign MinisterÌýÌýrevealed the upcoming deal with the South American oil-producing country during a Monday media briefing with his Venezuelan counterpart Felix Plasencia.

´¡Ìý-basedÌýbody will be created to work on the details of the economic deal.Ìý

"All of this confirms that relations between the two countries are on the rise," the Iranian Foreign Minister said.

Amir-AbdollahianÌýsaid thatÌýthere were several Venezuelan cities where IranianÌý"goods are accessible", whileÌýaccusingÌýthe US of being "unconstructive" in its relations with Venezuela.

Plasencia also spoke with Iranian President Ebrahim Raisi about bolstering relations.

"In this administration, we are determined to set aside problems created by enemies and continue the country’s path of progress," Raisi said.

The geopolitics of 's fuel shipments to '

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Venezuela and Iran have both been under US embargoes, affecting their ability to export oil to the world. Both countries have recently suffered economic hardship and have blamed US sanctions for this.

A vessel flying the Iranian flag leftÌýVenezuela with 2 million barrels of heavy crude despite US efforts to restrict trade between the two countries,ÌýÌýreportedÌýthis weekend.

Tehran is looking to secure similar collaborative deals with big global players, including a 25-year economic arrangement reached with China earlier this year.

It is also seeking a closer relationship with Ìýand in September was finally admitted to the Shanghai Cooperation Organisation, which could open up more trade options.