Oji announced the launching of the refinery named El Palito.
Iran and Venezuela both sit on huge reserves of oil.
Venezuela’s oil industry has suffered huge damage due to US sanctions and bans imposed by other Western governments.
Tehran and Caracas enjoy friendly relations and they have expanded their ties in different areas in recent years including in the oil sector.
Both countries have faced US sanctions and tried to help each other in blunting the impact of the punitive measures, which they call illegal and oppressive.