{"id":6065,"date":"2023-06-17T12:11:38","date_gmt":"2023-06-17T12:11:38","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6065"},"modified":"2023-06-17T12:13:42","modified_gmt":"2023-06-17T12:13:42","slug":"active-diplomacy-causes-iran-venezuela-oil-trade-to-rise-to-4b","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6065\/","title":{"rendered":"Active diplomacy causes Iran-Venezuela oil trade to rise to $4b"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency \u2013 The active diplomacy of Iran\u2019s Ministry of Petroleum and the effective measures carried out by the 13th (incumbent) administration have led to an exponential increase in Iran-Venezuela cooperation in the oil industry, causing the two countries\u2019 oil trade in the past 20 months to hit $4 billion.<\/p>\n\n\n\n<p>Iranian President Seyyed Ebrahim Raeisi\u2019s recent visit to Latin America is an affirmation of memorandums of understanding and contracts signed by the ministries of petroleum, agriculture, industry, and economy as well as the private sector companies over the past 20 months.<\/p>\n\n\n\n<p>In other words, Raeisi\u2019s visit is aimed at developing relations with extra-regional countries, increasing exports of oil, gas condensates, technical and engineering services, oil equipment, and paving the way for the private sector companies and quasi-public corporations\u2019 presence in remote regions.<\/p>\n\n\n\n<p>Without a shadow of a doubt, the Ministry of Petroleum is the flag-bearer of the 13th administration\u2019s active front. In fact, a major part of the incumbent government\u2019s interactions with Latin American nations, particularly Venezuela, in the past 20 months is related to Iran\u2019s exports of oil, gas condensates, technical and engineering services, and oil equipment as well as renovation, overhaul, and increase of refining complexes.<\/p>\n\n\n\n<p><strong>Ministry of Petroleum makes breakthrough in energy diplomacy<\/strong><\/p>\n\n\n\n<p>The Ministry of Petroleum\u2019s approach toward boosting relations with Latin American countries is regarded as a breakthrough in energy diplomacy. The ministry\u2019s measures over the past 20 months have prepared the ground for strong presence of Iran\u2019s oil companies in the big energy market of Latin America, giving the private sector companies and quasi-public corporation a golden opportunity to enter the lucrative market and increase Iran-Venezuela oil trade volume to $4 billion during the period \u2013 a significant development after a long hiatus.<\/p>\n\n\n\n<p><strong>Petrochemical projects<\/strong><\/p>\n\n\n\n<p>Raeisi\u2019s tour of Latin America is also aimed at focusing on Iran\u2019s participation in this region\u2019s petrochemical projects.<\/p>\n\n\n\n<p>Venezuela\u2019s installed petrochemical output capacity stands at 12 million tons per year (Mt\/y) while just 2 Mt\/y are produced. This is a good opportunity, which Iranian investors need to grasp.<\/p>\n\n\n\n<p>The private sector of Iran could earn enormous revenues through exporting technical and engineering services and petrochemical equipment to Latin America.<\/p>\n\n\n\n<p><strong>Oil industry internationalization<\/strong><\/p>\n\n\n\n<p>The internationalization of oil industry is a dream Iran has cherished for so long \u2013 a dream that had not come true due to lack of necessary measures.<\/p>\n\n\n\n<p>The construction of refineries beyond the borders seriously followed by all oil- and gas-rich countries had been ignored in Iran.<\/p>\n\n\n\n<p>But now, conditions have changed. The engineering, procurement, and construction (EPC) contract Tehran and Caracas signed to renovate Jose oil export terminal in Venezuela, the first ever of its kind signed by an Iranian company abroad, the contract to equip Venezuela\u2019s gas transmission systems with precision tools by an Iranian knowledge-based company, and another contract a private sector company of Iran signed to restore and increase a Venezuelan petrochemical complex\u2019s capacity are clear examples of Iranian oil industry\u2019s move toward internationalization.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-06-17T12:13:42+00:00\"> 17 June 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency \u2013 The active diplomacy of Iran\u2019s Ministry of Petroleum and the effective measures carried out by the 13th (incumbent) administration have led to an exponential increase in Iran-Venezuela cooperation in the oil industry, causing the two countries\u2019 oil trade in the past 20 months to hit $4 billion. Iranian President Seyyed [&hellip;]","protected":false},"author":1,"featured_media":6066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,18,22,36,19,16],"tags":[],"services":[],"class_list":["post-6065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-headline","category-iran","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=6065"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6066"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6065"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}