Wednesday, May 29, 2024

Iran, Venezuela oil ministers sign agreements to broaden energy ties

The Iranian and Venezuelan oil ministers have signed new agreements for broader cooperation in the energy sector, in the face of the draconian economic sanctions imposed on both countries by the US.

The agreements were signed between Iranian Oil Minister Javad Owji and his Venezuelan counterpart, Pedro Rafael Tellechea , during a ceremony in Caracas, also joined by Venezeual’s Executive Vice President Delcy Rodríguez.

The agreements cover the development of oil and gas fields, the reconstruction and renovation of Venezuelan oil refineries with the aim of maximizing the capacity of those facilities.

They also focus on the reconstruction and modernization of Venezuelan petrochemical complexes via Iranian technical services, engineering and equipment, as well as the overhaul and modernization of the loading docks and oil terminals.

The two sides also reached agreements on the trade and export of oil, gas condensate and petroleum products.

Iran and Venezuela have been consolidating their economic cooperation with the goal of circumventing the American sanctions.

Among other things, Tehran has been providing crude and raw materials for Venezuela’s aging refining network, as well as overseeing a project to modernize the largest refining complex in the Latin American country.

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