Iran Press/ Iran News: Iran's Oil Minister Javad Owji stated that Venezuela has the largest oil reserves in the world with 17.5%, emphasized the good capacity in Iran-Venezuela trade because of Venezuela's four refineries with a capacity of over 1.4 million barrels of oil, being neglected due to sanctions.
Owji reported the development of oil, gas and energy export in Raisi's administration thanks to existing capacities. Later, Oil Minister, Javad Owji, stated the export of more than 2.8 million refinery units through Iranian manufacturers and contractors, pointing to the ability to restore much of the refinery capacity.
"There are 12 million tons of installed capacity including ammonia, urea and polyethylene in Venezuela," said the oil minister calling for the restoration of the extraterritorial refinery as a good action
Stating the cooperative offer of the products to the market thanks to the potential Tehran-Caracas capacity, Minister of Oil stressed the capability of supplying equipment, catalyst and issuing technical services, and the established petrochemical complex.
According to Owji, a good contract has been signed for the development of oil fields and terminals to unload the loads.
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