Iran inked ‘very good’ oil deals with Latin American states

Speaking to reporters after a cabinet session on Wednesday, Owji said the Iranian administration of President Ebrahim Raeisi resumed cooperation with the three Latin American states in the field of exports of crude oil and gas condensates since its taking office some two years ago.

He added that Iran has exported more than 3.8 million oil and gas products to the Venezuelan refineries.

“This country (Venezuela) has the largest oil reserves in the world and has a refinery capacity of more than one million barrels” but most of its capacities have not been used due to the sanctions, he emphasized.

Owji noted that Iranian specialists in the oil industry have succeeded in restoring some parts of the capacity.

He said Iran and Venezuela have no financial payment, and the fuel trade is done through barter deals, adding, “We had a win-win game with Venezuela.”

The Iranian minister also commended the good measures taken in Cuba to barter oil with drugs and said Tehran began to restore Cuba’s refinery capacity.

Owji accompanied President Raeisi in his groundbreaking tour of the three Latin American nations earlier this month.

During the visit, Iranian and Venezuelan ministers and other top officials signed a total of 19 cooperation agreements and memorandums of understanding.

The agreements are aimed at expanding cooperation between Tehran and Caracas in many areas, including in the field of petrochemicals, as the two sides move to expand overall cooperation in the oil sector.


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