Talking to reporters on the sidelines of the weekly cabinet meeting, the minister added Iran also supplies Cuba with oil in a barter deal for medicines and medical equipment.

He said “constructive” contracts were signed between Tehran and Caracas in the energy sector, including petrochemical industry, last week.

He said 2.8 million pieces of oil and gas goods and equipment have been so far exported to this Latin American state.

The oil minister added good upstream and downstream contracts were inked during the whirlwind tour of Venezuela, Nicaragua, and Cuba by President Seyyed Ebrahim Raeisi and his accompanying delegation.

The 13th (Raeisi) administration has taken strides toward boosting relations with Latin American countries through exporting crude oil and gas condensates and constructing refineries in that region since it took over, Owji pointed out.

Venezuela is the world’s largest holder of recoverable oil reserves, said the minister, adding the Latin American country has a refining capacity of over 1.25 million barrels.

A major part of Venezuela’s production and refining capacities had come to a standstill due to brutal sanctions, mentioned Owji, continuing that a part of the Latin American state’s capacities was restored by Iranian experts, manufacturers, and contractors.

He also pointed to contracts signed to activate knowledge-based companies in oil and gas sectors, concluding that the Ministry of Petroleum has paved the way for the private sector’s overseas activity.

Accompanied by a number of ministers and other top officials, Raeisi made a five-day tour of Venezuela, Nicaragua, and Cuba last week.