Iran to Assist Venezuela in Restoring Petrochem Capacity

Iran will help Venezuela restore its petrochemical production capacity, Oil Minister Javad Owji said during a visit to the Venezuelan capital Caracas on Tuesday.
“Venezuela’s petrochemical complexes, with a total production capacity of 12 million tons per year, had come to a standstill due to sanctions. Now with the help of Iranian companies’ expertise in technical, engineering and catalyst sectors, the Latin American country can produce petrochemicals like ammonia, urea and polyethylene, and market them internationally,” Owji was quoted as saying by the Oil Ministry’s news service Shana.
According to the contract signed between the two countries, an Iranian company will carry out repair works on sections of a petrochemical plant in Venezuela and in return get a share in the sale of products.