Javad Owji, Iran's Minister of Petroleum, revealed in an exclusive
interview with the news section of the Islamic Republic of Iran Broadcasting
(IRIB) Channel One, that more than 2.8 million pieces of Iranian-made equipment
and components have already been employed in Venezuela's oil refineries.
He emphasized that after successfully addressing the refining sector,
the focus has now shifted towards revitalizing the petrochemical complexes in
Venezuela, which had been rendered inactive due to sanctions. Notably,
Venezuela boasts an impressive production capacity of over 12 million tons for
essential petrochemical products such as ammonia, urea, and polyethylene.
Highlighting the challenges faced by Venezuela, Owji pointed out that
the country possesses four oil refineries with a daily refining capacity of 1.4
million barrels. Unfortunately, these refineries had fallen into disuse as a
result of sanctions and the departure of foreign experts. However, with the
advent of the thirteenth government and the activation of energy diplomacy,
efforts to revitalize and undertake major repairs in these refineries have
commenced, leading to the resumption of oil exports and gas condensate.
The Minister of Petroleum underscored the positive impact of Iranian
contributions, stating, "More than 2.8 million pieces of Iranian equipment
and goods related to oil refineries have been exported to Venezuela, resulting
in a significant revival of the idle refining capacity in these refineries.
Additionally, after addressing the refining sector, our attention has shifted
to the petrochemical complexes in Venezuela, which were previously hindered by
sanctions. The country possesses a remarkable production capacity of over 12
million tons for petrochemical products such as ammonia, urea, and
Owji expressed hope for future collaborations, emphasizing the
potential of Iranian companies in providing technical and engineering services,
catalysts, and technical knowledge to actively participate in Venezuela's
petrochemical complexes. He aspired to see the products of these complexes
showcased in international markets, paralleling the achievements of its oil
Moreover, the Minister of Petroleum announced the entrance of capable
Iranian companies into Venezuela's oil and gas fields development, stating,
"Promising contracts have been signed for the reconstruction and
development of loading docks and oil terminals."
The report indicates that Iranian-Venezuelan oil cooperation has
gained substantial momentum with the start of the thirteenth government. These
collaborative efforts, which began last year with the initial contract signing
for the development of Venezuelan refineries utilizing Iranian technical
knowledge and equipment, have now reached new heights with the recent visit of
Iranian President Seyyed Ebrahim Raisi and the signing of several cooperation
documents for development.
Iran and Venezuela collectively possess approximately 40% of the
world's proven oil reserves. However, both nations face significant challenges
due to unilateral US sanctions targeting their oil industries.
Despite these obstacles, Iran has successfully achieved indigenization
of 85% of the required equipment for its oil industry. In addition to
fulfilling domestic needs, Iran has ventured into the export market for
technical and engineering services to regional countries and other
oil-producing nations, including Venezuela.