BAKU, Azerbaijan, June 21. There are no financial payments in trade turnover between Iran and Venezuela, Iranian Oil Minister Javad Owji told reporters after the meeting of the Cabinet of Iran in Tehran on June 21, Trend reports.
The minister noted that the whole trade between Iran and Venezuela is carried out by barter of goods.
Owji added that in exchange for the products exported by Iran to Venezuela, it bought products only through barter.
Within the last Iranian year (March 21, 2022, through March 20, 2023), Iran exported more than 49,000 tons of non-oil products to Venezuela worth $118 million and imported 8 tons of goods from Venezuela worth $816,000.
According to Owji, a number of constructive contracts were signed within the framework of the visit of Iranian President Ebrahim Raisi and his accompanying delegation to Venezuela.
He also pointed out that Venezuela has large oil reserves. This country has the capacity to process 1.4 million barrels of oil daily. However, as a result of sanctions, most of the country’s potential has remained unused. This potential is being activated with the participation of Iranian companies.
“In addition, a contract was signed between the two countries in the petrochemical sector during the visit of the Iranian President to Venezuela. Venezuela has the capacity to produce 12 million tons of various petrochemical products per year. As a result of sanctions, production is currently around 2 million tons,” Owji said.
The minister stressed that the development of Venezuela's oil fields is the focus of Iran's attention.
On June 13, Iranian President Ibrahim Raisi and his accompanying delegation visited Venezuela.
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