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  • 18-10-22

    Iran establishes initial extraterritorial refinery in Venezuela

    (MENAFN) Iranian Oil Minister Javad Oji has declared that the establishing of the nation’s initial extraterritorial refinery named El Palito in Venezuela with a processing volume of 100,000 barrels per day (bpd), as reported by Shana.

    Oji was recited as saying on Sunday that "This was a long-standing and 43-year-old dream that was realized through the efforts of my colleagues at the National Iranian Oil Refining and Distribution Company (NIORDC)."

    While giving a speech in an energy conference on fuel provision and facilities, the minister stated that establishing this refinery in Venezuela is just the start of a comprehensive program in line with which the Islamic Republic is going to establish such refineries in additional friendly nations as well.

    Iran inked a 116-million-U.S. dollar deal with Venezuelan state oil company PDVSA in May to maintenance and grow the refinery.

    Iran has also been switching Venezuelan heavy oil and additional commodities for gasoline, condensate, refinery parts, as well as technical assistance whereas supplying the nation with lighter oil to be utilized as diluent.

    MENAFN18102022000045014228ID1105037762

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