Iran signs 110 mln euro contract to repair Venezuelan refinery – Reuters

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Iran signs 110 mln euro contract to repair Venezuelan refinery – Reuters

CARACAS, May 13 (Reuters) - State firm National Iranian Oil Engineering and Construction Company has signed a 110 million Euro contract to repair and restart Venezuela's smallest refinery, the 146,000-barrel per day El Palito, Iran's official news agency IRNA said on Friday.

The agreement follows negotiations led by Iranian Oil Minister Javad Owji, who traveled to Venezuela earlier this month and met President Nicolas Maduro.

As Owji met Maduro and his counterpart, oil minister Tareck El Aissami, in Caracas, two supertankers arrived in Venezuelan waters carrying Iranian crude and condensate. The South American nation is trying to boost crude exports and fuel output.

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