Venezuela, Iran Strengthen Oil Partnership with MOUs
Date
4/17/2023 2:32:34 AM
(MENAFN) Iran and Venezuela have signed several memorandums of understanding (MOUs) with the aim of expanding cooperation in the fields of oil, gas, and petrochemicals. The MOUs were signed by Iranian Oil Minister Javad Oji and his Venezuelan counterpart Pedro Rafael Tellechea, in the presence of Venezuelan Vice President Delcy Rodriguez. The agreements aim to strengthen bilateral cooperation between Iran and Venezuela in the upstream and downstream sectors of the oil industry, with a focus on the development of oil and gas fields, the reconstruction and renovation of Venezuelan oil refineries, and the modernization of Venezuelan petrochemical complexes with Iranian technical and engineering services and equipment.
Oji arrived in Caracas, Venezuela with a delegation to strengthen energy cooperation between the two countries in the upstream and downstream areas. The Iranian and Venezuelan officials discussed the latest developments in the oil market and followed up on recent agreements reached between the two sides. Over the past two years, Iran and Venezuela have taken a new path to expand cooperation in all areas, with the Latin American country being one of the focal points of the Iranian oil ministry's foreign diplomacy.
In May 2022, during a visit by the Iranian oil minister to Venezuela, the two countries signed several agreements and MOUs in various fields including the development of Venezuela's oil and gas fields, upgrading and renovation of the country's refineries, and the training of manpower in oil, gas, and petrochemical industries. They also agreed to transfer engineering and technical services and develop export markets for Venezuelan crude oil, gas condensate, and petroleum products. Later in June, Venezuelan President Nicolas Maduro visited Tehran to sign a 20-year cooperation document with Iranian President Ebrahim Raisi. The document included cooperation in the fields of politics, culture, economy, oil, petrochemicals, and tourism.
The cooperation between Iran and Venezuela began with the exports of Iranian gasoline to Venezuela in 2020 and has expanded to other sectors following the signing of the strategic document. In September 2022, Venezuela increased its oil shipments to Asia through intermediaries and growing cargo swaps with Iran, resulting in the country's crude exports reaching their third-highest level this year. These developments highlight the potential for continued cooperation and growth in the energy sector between Iran and Venezuela.
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