Venezuelan President Hugo Chavez said in Caracas on Friday that his country supports Iran's nuclear program.

"Iran has the right to develop its atomic energy like any other countries in the world," Chavez told his visiting Iranian counterpart Mohammad Khatami after the two countries signed 20 oil-related and commercial accords.

With the two presidents looking on, government ministers from the two sides signed the accords on cooperation in oil and natural gas exploration, mining, agriculture, banking and finance, construction of residential housing, tractor and cement factories.

The two sides also signed a memorandum on coordination on oil policy and a treaty to avoid double taxation in trade.

Earlier, Chavez presented Khatami an Order of the Liberator, Venezuela's highest decoration.

"This (the decoration) is a symbol of unity of the two nations that pursue peace and security in the world rather than darkness and terror, and this is a symbol of friendship between two peoples," Khatami.

Khatami arrived here Thursday for a three-day visit aimed at boosting bilateral ties. Venezuela is the last leg of Khatami's six-day tour that also took him to Croatia and Bosnia-Herzegovina.

Shortly after the two nations signed the accords, Venezuela's oil minister Rafael Ramirez said the Organization of Petroleum Exporting Countries (OPEC) has no need to increase production or assign new quotas at its next ministerial meeting in Iran on March 16.

Despite higher crude oil prices, Venezuela believes OPEC member nations should made no changes in production, he said.

Both Venezuela and Iran are outstanding members of OPEC, which controls nearly 40 percent of the international crude oil market.

Iran is considered as the world's second largest producer of crude oil, while Venezuela is the fifth world exporter and the fourth supplier to the United States.

Source: Xinhua