Venezuela started importing Iranian heavy crude to feed its refineries, documents from the state oil company showed PDVSAwhich extends an agreement signed in 2021 by both countries, which are under sanctions of USA.
Last year, the two nations initially agreed to a swap that has allowed PDVSA to import Iranian condensate to dilute and process its extra-heavy oil for export. In return, the Venezuelan crude is shipped through the National Iranian Oil Company (NIOC).
Iran’s heavy oil, which is similar in quality to Venezuela’s Mesa 30 crude, is expected to contribute to an increase in processing at PDVSA’s refineries. Venezuela has also received Iranian spare parts and equipment in recent years to modernize its refineries.
At least 200,000 barrels of Iranian heavy crude were delivered in mid-April to the 310,000-barrel-per-day (bpd) Cardón refinery, Venezuela’s second-largest, while another 400,000-barrel parcel of Iranian oil is being offloaded this week. week at Jose’s terminal, they showed the documents.
the country of Middle East it has also recently shipped condensate to Venezuela on Iranian-flagged tankers.
As its production of extra-heavy crude has increased, Venezuela in recent years has struggled to secure enough light and medium varieties for refining, contributing to limitations and shortages in motor fuel production.
The South American country’s heavy oil production also increasingly needs lighter crudes and refined products to be used as diluents to formulate exportable varieties.
Iran’s Oil Minister, Javad Owjitraveled to Venezuela last week to meet with President Nicholas Maduro and discuss trade deals with his peer, Tareck El Aissami.