BAKU, Azerbaijan, June 20. Venezuela's El Palito oil refinery, which is being repaired by National Iranian Oil Engineering and Construction Company, will be fully ready for operation within the next 2 months, CEO of the National Iranian Oil Engineering and Construction Company (NIOEC), Farhad Ahmadi said, Trend reports.
The CEO noted that currently, some units of the El Palito oil refinery are operating due to the completion of repairs. Meanwhile, repair work is being carried out in the evaporation, solvent production and other units of the mentioned oil refinery.
Ahmadi added that about 3 million spare parts were needed for the overhaul of the refinery. The needed spare parts included control valves, pumps, cables, technical equipment, etc. These spare parts were manufactured by 1,600 companies in Iran and sent to Venezuela.
El Palito is a small refinery in Venezuela. The refinery has the capacity to produce 140,000 barrels of crude oil per day. In May 2022, a contract was signed between Iran and Venezuela on the fundamental repair of the El Palito oil refinery and the full use of its potential.
Before the Iranian side began repairs at the El Palito oil refinery, it was possible to use only 50 percent of the refinery's capacity. The value of the contract signed between Iran and Venezuela is 110 million euros. Within the contract, the refinery's crude oil will be supplied by Iran's Naftiran Intertrade Company (NICO) with the cooperation of the National Iranian Oil Company (NIOC).
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