TEHRAN – Iranian Oil Minister Javad Oji, who traveled to Venezuela on Wednesday, has visited with Venezuela’s senior officials including the country’s oil and foreign ministers to explore ways to expand economic ties.

Exporting technical-engineering services, following up on the construction of extraterritorial refineries, overhauling Venezuela’s refineries, and marketing for Iranian private companies active in the oil industry, especially in the field of petrochemicals have been the main topics discussed during the visits with Pedro Tellechea, Venezuela’s Oil Minister, and Yvan Gil Pinto, the Minister of Foreign Affairs, and other officials of this country.

In these meetings, the two sides discussed issues related to the development of oil and gas relations and followed-up on the progress of ongoing refining, petrochemical, infrastructure, and gas transmission projects.

Venezuela, as Iran's top oil partner in Latin America, has a very good capacity in the oil industry. This country has the largest oil reserves in the world and has many refining, petrochemical, and gas transmission facilities. Apart from Venezuela, the Latin American market is also a very large and favorable market for the export of technical-engineering services, equipment, oil products, and petrochemical products.

Iran’s oil industry, on the other hand, has high capacities for presence in the lucrative Latin American market, and contractors, manufacturers, and knowledge-based companies are required to pay due attention to them and seize the opportunities provided by the government.

The Oil Ministry has promoted energy diplomacy, developing its relations with Latin American states.

Taking office in August 2021, Iran’s incumbent administration has paved the way for private and semi-governmental companies’ presence in the lucrative market. Given the administration’s efforts, the Iran-Venezuela oil trade volume has reached around $4.0 billion – a great breakthrough after a long hiatus.

Oji left Tehran for Caracas on Wednesday, January 31.

EF/MA