Minister: Iran Exports 2.8mln Refinery Parts to Venezuela
“So far, over 2.8 million refinery parts have been exported to Venezuela by the Iranian manufacturers and contractors,” Owji told reporters after the two countries signed a number of contracts for more bilateral cooperation in the presence of the Iranian oil minister and his Venezuelan counterpart Pedro Rafael Tellechea in Caracas on the sidelines of Iranian President Ebrahim Rayeesi’s visit to Caracas.
“There is good capacity and potential in trade with Venezuela as the country has four refineries with a capacity of 1.4 million barrels of oil, but this capacity went unnoticed due to the embargo and the exit of relevant experts,” he added.
The documents signed between Iran and Venezuela pertain to cooperation in the development of oilfields and oil terminals and restoration of petrochemical and refining capacities.
Cooperation between Iran and Venezuela in the oil sector entered a new phase following signing of a preliminary agreement last year between the two countries to develop Venezuelan refineries using Iranian technical know-how and equipment.
Together, Iran and Venezuela sit on 40 percent of the world's oil reserves. Both countries' oil industries are under US unilateral sanctions. Despite the embargoes, Iran has managed to domestically manufacture 85% of the needed equipment for its oil industry.
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