Ignoring the US's announcement to reactivate sanctions, what did Iran promise Venezuela?

Shortly after the US announcement of reactivating sanctions on Venezuela, Iranian Oil Minister Javad Owji visited and met with officials of this Latin American country.

Iranian Oil Minister Javad Owji at a meeting with Venezuelan officials during his visit to the Latin American country. (Source: IRNA)

Iranian Oil Minister Javad Owji held meetings with Venezuelan Foreign Minister Yvan Gil, Oil Minister Pedro Tellechea and other officials, Shana news agency reported.

The two sides discussed the export of Iranian engineering services, overhaul of extraterritorial refineries, expansion of the Iranian private sector presence in Venezuela's oil industry, especially in the petrochemical sector, and investment in the country's oil sector.

The total volume of oil trade between Iran and Venezuela has reached nearly $4 billion and Iran aims to increase it to $10 billion and even $20 billion. Iran's oil industry's presence in the Latin American market has a significant impact in reducing the pressure of US sanctions on Tehran.

Earlier, on February 1, Iranian Foreign Ministry spokesman Nasser Kanani condemned the US announcement of restoring sanctions on Venezuela's oil industry following the ban on an opposition presidential candidate.

“Taking such actions is a direct interference in the internal affairs of states and a violation of the United Nations Charter,” Mr. Kanani said, adding that continued US sanctions would “strengthen the will and cooperation” of targeted countries in countering such “interventionist policies.”

Iran and Venezuela have strengthened ties over the years, especially after the US withdrew from the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) in May 2018 and reimposed sanctions on Iran.

In June 2022, Iran and Venezuela signed a 20-year cooperation plan covering a wide range of areas including oil, petrochemicals, defense, agriculture , tourism, culture, refinery repair, and export of engineering and construction services. In addition, the Presidents of Iran and Venezuela signed 19 cooperation documents and MoUs on industrial, mining, agricultural, energy, scientific and technological cooperation in June 2023.

Iran is believed to have helped refurbish some of Venezuela’s largest refineries, despite US sanctions on Venezuela’s state oil company PDVSA. In 2022, Iran sent four shipments of 8 million barrels of naphtha to Venezuela, playing a key role in boosting the country’s oil production. Additionally, in January 2023, Iran delivered a tanker carrying 440,000 barrels of naphtha to Venezuela.

Previously, in May 2022, the National Petroleum Engineering and Construction Company of Iran signed a contract worth 110 million euros to restore and reactivate El Palito, Venezuela's smallest refinery, with a capacity to process 146,000 barrels per day.

Iran has also expanded military cooperation with Venezuela. Since 2012, the Iranian-designed Mohajer-2 drone has been produced in Venezuela under the name Arpia.

Source: https://baoquocte.vn/phot-lo-tuyen-bo-tai-kich-hoat-trung-phat-cua-my-iran-hua-hen-gi-voi-venezuela-260585.html