Oil minister discusses techno-engineering ties in Venezuela
Iranian Oil Minister Javad Owji held talks with Venezuela’s high-ranking officials on bilateral relations and ongoing projects in Caracas.
Owji exchanged views with his Venezuelan counterpart Pedro Rafael Tellechea, Foreign Minister Yván Gil, and other top officials on exports of Iran’s technical and engineering services, refining operations and overhaul of refineries in the Latin American country, creation of a market for Iran’s private sector, particularly in the petrochemical sector, and investment in oil and energy industries, Shana reported.
In addition to issues related to the expansion of oil and gas cooperation, follow-up of refining, oil, and gas infrastructure projects and progress of petrochemical and gas transmission projects were discussed.
Iran’s oil industry has high capacities for presence in the lucrative Latin American market, and contractors, manufacturers, and knowledge-based companies are required to pay due attention to them and seize the opportunities provided by the government. The Oil Ministry has promoted energy diplomacy, developing its relations with Latin American states.
Taking office in August 2021, Iran’s incumbent administration has paved the way for private and semigovernmental companies’ presence in the lucrative market. Given the administration’s efforts, Iran-Venezuela oil trade volume has reached around $4 billion – a great breakthrough after a long hiatus.
Venezuela – the first Latin American country, with which Iran has expanded its oil ties – is the world’s largest holder of oil reserves and has numerous oil, gas, refining, and petrochemical complexes and facilities. Tehran has provided crude and condensate as well as parts and feedstock for Venezuela’s aging refining network. It also oversaw a project to modernize the largest refining complex in Venezuela.