The minister is scheduled to hold talks with his Venezuelan counterpart Pedro Rafael Tellechea and other high-ranking officials on exports of Iran’s technical and engineering services, refining operations and overhaul of refineries in the Latin American country, creation of a market for Iran’s private sector particularly in the petrochemical sector, and investment in oil and energy industries.

Iran’s oil industry has high capacities for presence in the lucrative Latin American market, and contractors, manufacturers, and knowledge-based companies are required to pay due attention to them and seize the opportunities provided by the government.

The Oil Ministry has promoted energy diplomacy, developing its relations with Latin American states.

Taking office in August 2021, Iran’s incumbent administration has paved the way for private and semigovernmental companies’ presence in the lucrative market. Given the administration’s efforts, Iran-Venezuela oil trade volume has reached around $4 billion – a great breakthrough after a long hiatus.

Venezuela – the first Latin American country, with which Iran has expanded its oil ties – is the world’s largest holder of oil reserves and has numerous oil, gas, refining, and petrochemical complexes and facilities.