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

Petroleum Minister Javad Owji has expressed satisfaction over Tehran's recent signing of “very good” agreements in the upstream and downstream sectors of the oil industry with the three Latin American nations of Venezuela, Cuba, and Nicaragua.

Speaking to reporters after a cabinet session on Wednesday, Owji said the administration of President Seyyed Ebrahim Raeisi has started cooperating with the three Latin American states in the export of crude oil and gas condensates since its inauguration 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 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 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.

SS