Venezuela is expanding crude imports from Iran to feed its refineriesas as both countries struggle with United States sanctions, Reuters reported Monday

Documents cited by the agency suggested at least 200,000 barrels of Iranian crude arrived in mid-April at the Cardon refinery, Venezuela's second largest, which processes 310,000 barrels per day (bpd), with another 400,000 barrels discharging this week at the country's Jose port from the tanker (VLCC) Dino I.

Fars News Agency recently reported that under a new agreement reached under Iranian President Ebrahim Raisi, Iran had exported to Venezuela 2 million barrels of condensate – a light liquid produced during gas extraction – in seven months, expanding trade begun under the previous administration in Tehran. Venezuela mixes condensate with its own heavy crude to produce a suitable feed for refining.

Iran in return is offering through National Iranian Oil Company (NIOC) a way for Venezuela to dilute and export its heavy crude, Reuters reported. The Dino I is scheduled to sail later this month with Venezuela oil for NIOC’s Naftiran Intertrade Company. Meanwhile the Venezuela-owned Maximo Gorki will discharge 2 million barrels of Iranian condensate at the port, while the Iran-flagged Derya waits in Venezuelan waters with another cargo.

IITV News (12) - DC
Chand Chand

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