Venezuelan President Hugo Chávez and his Iranian counterpart Mahmoud Ahmadinejad are meeting in Tehran Friday to initial a number of new bilateral agreements, the official news agency ABN informed.

The leader of the Bolivarian revolution is arriving in Iran following his visits to Brazil, Argentina, Belarus, Russia, Udmurtia and Qatar, ABN added.

While no details on the agreements were disclosed, the pacts are expected to target technology transfer and energy.

Venezuela and Iran are co-founders of the Organization of Petroleum Exporting Countries (OPEC) and have enviable hydrocarbon potential (chiefly in oil and gas).

Chávez is visiting the Middle East following reports from state oil holding Pdvsa that Venezuela oil proven reserves amount to 80.58 billion barrels, while gas reserves amount to 151.5 trillion cubic feet.

The Iranian leader, besides Iran hydrocarbon potential, can offer Chávez the significant scientific and technological development his country has attained since the victory of the revolution in 1979.

In short, in the global geopolitical scenario, Chávez and Ahmadinejad manage the world's first and fourth largest oil reserves.