Iran's first foreign oil refinery has started operating in Venezuela as part of Tehran's efforts to establish a global footprint and increase crude oil sales, Iranian news agency IRNA reported on Tuesday, citing an informed source in the country's petroleum ministry
MOSCOW (Pakistan Point News / Sputnik - 20th September, 2022) Iran's first foreign oil refinery has started operating in Venezuela as part of Tehran's efforts to establish a global footprint and increase crude oil sales, Iranian news agency IRNA reported on Tuesday, citing an informed source in the country's petroleum ministry.
According to the source, the refinery's capacity has been boosted incrementally from 15,000 barrels per day to 90,000 barrels per day after some technical and engineering work.
The search for new markets to increase oil sales is extremely important for Iran, especially amid numerous unilateral sanctions against the country.
On September 11, a member of the energy commission of the Iranian parliament Parviz Mohammadnejad said lawmakers have repeatedly recommended that the country's petroleum ministry take urgent measures to attract foreign investment and build extraterritorial refineries. Mohammadnejad also noted that Tehran had already signed two contracts to set up oil refineries in foreign countries.
