Owji made the comments few hours after the two countries signed several oil contracts in Venezuela on Tuesday which happened simultaneous with a visit to Caracas by Iranian President Ebrahim Raisi and his accompanying delegation.
With 17.5% of the total world oil reserves, Venezuela sits on the largest oil reserves of the world, the minister said.
He added that Venezuela has four refineries with a capacity of 1.4 million barrels per day which have been lying idle due to the sanctions and withdrawal of specialized workforce.
The minister also said that Venezuela has a 12 million mt of installed capacity of ammonia, urea, and poly ethylene which paves the ground for cooperation in the area of petrochemical industry between the two nations.
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