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Iran Plans to Activate Venezuela Petchem Industry

Iran Plans to Activate Venezuela Petchem Industry
(Sunday, June 25, 2023) 00:28

TEHRAN (NIPNA) – Iranian Minister of Petroleum Javad Owji announced that Iran will activate Venezuela's petrochemical industry through the issuance of technical and engineering services.

During a government meeting today, Owji stated that Iran has entered into favorable contracts with Venezuela's petrochemical complexes, which have received high praise. By providing technical and engineering services, Iran aims to revitalize the petrochemical sector in Venezuela.

Owji addressed reporters on the sidelines of the government meeting, highlighting the achievements of the President's recent visit to Latin America.

He revealed that last week, the President had an intensive trip to several Latin American countries, resulting in the signing of significant contracts in the petroleum ministry's upper and lower sectors.

Owji added, "During this trip, we successfully concluded beneficial contracts by entering the petrochemical sector. Venezuela currently has an installed petrochemical capacity of approximately 12 million tons, out of which only two million tons are operational due to sanctions and the departure of skilled workforce from the country."

The Petroleum Minister further emphasized that Iran has reached good agreements with the installed petrochemical complexes, which have proven to be highly reliable. By providing technical and engineering services, Iranian experts and industry professionals will contribute to the reactivation of these petrochemical plants.

Regarding other areas of Iran and Venezuela's cooperation in the oil sector, Owji mentioned their joint participation in oil production and the successful implementation of mutually beneficial contracts. He also highlighted similar initiatives in the field of field development.

Furthermore, Minister Owji addressed Iran's collaboration with Cuba, stating, "In Cuba, we have made significant progress through oil barter, exchanging oil for essential supplies such as vaccines, medical equipment, and necessary medications, as directed by the Ministry of Health. Additionally, we have played a part in reviving Cuba's refining capacity."

Owji expressed his satisfaction with the ongoing activities initiated by the Petroleum Ministry, stating that utilizing onshore refining and petrochemical capacities not only boosts Iran's oil and derivatives exports but also facilitates the provision of technical and engineering services.

The Minister's remarks indicate Iran's commitment to enhancing cooperation in the petrochemical industry, both in Venezuela and Cuba. The issuance of technical and engineering services aims to revitalize these countries' petrochemical sectors and further strengthen the ties between the involved nations.

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