Iranian Petroleum Minister Reportedly Visits Venezuela to Sign Energy Deals

As the US has imposed sanctions on both Iran and Venezuela, the nations have intensified their cooperation. Venezuela buys condensate from Iran, which is essential for thinning its extra-thick crude, according to reports. Meanwhile, Iran has offered engineers, refined goods, and replacement parts for its oil industry.

Iran's petroleum minister, Javad Owji, is currently on a trip to Venezuela, which will include visits to oil facilities and the signing of energy agreements between the two US-sanctioned countries, Bloomberg reported on Sunday, citing sources.

The anonymous sources told the outlet that Owji and more than a dozen delegates landed in Caracas on Saturday. With Petroleos de Venezuela SA (PDVSA) CEO Asdrubal Chavez, Owji and his entourage have already visited the Paraguana refining complex in western Venezuela.

Both parties are set to sign energy cooperation agreements on Monday, according to the report.

At the moment, the US does not import oil and gas from both rather heavily sanctioned countries, even in light of the recent total ban on energy imports from Russia in connection with its military operation in Ukraine.

In mid-March, Owji visited Russia where he held talks with Deputy Prime Minister Alexander Novak, discussing prospects for global cooperation between the two oil-producing countries as well as possible cooperative projects in Iran.

According to the Russian side, the Iranian minister noted that Tehran is willing to support Moscow and expand collaboration.

"Russia was at our side when we were sanctioned, so today we consider it our duty to be at Russia’s side in these difficult conditions and provide assistance," he said back then.