BAKU, Azerbaijan, June 13. Iran will further develop relations and cooperation with Venezuela in the field of crude oil production, crude oil and gas condensate refining, and petrochemical production, Iranian Oil Minister Javad Owji said, Trend reports.
He made the remark at the ceremony for signing of a number of contracts and agreements between Iran and Venezuela in Venezuela on June 13, 2023.
According to Owji, Venezuela has 4 oil refineries that can process 1.4 million barrels of crude oil per day. However, due to the imposition of sanctions against Venezuela and the departure of foreign specialists, the oil refineries remained unused. In this direction, Iran has taken steps to thoroughly repair oil refineries in Venezuela. Thus, more than 2.8 million pieces of plant equipment were exported to Venezuela, and the country’s oil refineries started processing crude oil again.
The minister also added that Venezuela has the capacity to produce 12 million tons of various petrochemical products per year, including ammonia, urea and polyethylene. Considering Iran's experience in this sector, serious steps will be taken in this sector soon, and petrochemicals produced in Venezuela will be put up for sale at international markets.
He noted that Iranian companies will develop Venezuela's oil and gas fields. At the same time, Iranian companies will take steps to repair and develop oil terminals.
Iran and Venezuela possess account for about 40 percent of the world's oil reserves.
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