Tehran (IP) – 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.

Iran PressAmerica: 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 semi-governmental companies’ presence in the lucrative market. Given the administration’s efforts, the 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. 204

Read more:

Iran condemns US threats of sanctions against Venezuela

Iran, Venezuela increase petroleum coop.