"The agreement came after recent negotiations and investigations carried out with the presence of Iran’s Oil Minister Javad Owji, Deputy minister and ceo of the National Iranian Oil and Distribution Company and managing director of National Iranian Oil Engineering and Construction Company in venezuela.
The deal aimed at repairs , commissioning and completion of a refinery capacity of 140,000 barrels per day in Venezuela ( currently operating with 50 % of its capacity ), Farhad Ahmadi, managing director of the National Iranian Oil and Distribution Company (NIORDC) said .
The project will be financed by Naftiran Intertrade Company whose financial contract is signed between the NICO and the Venezuelan company, he added .
Ahmadi said that the crude oil feed of the refinery will be provided by the participation of National Iranian Oil Company through NICO company.
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