Iran has started refining its crude oil in Venezuela, Iranian media have reported , citing oil minister Javad Owji. Iranian crude is being processed at a rate of 100,000 bpd at the El Palito refinery, the minister said, as quoted by state news agency Shana. Another Iranian news agency, Mehr, cited the minister as saying the El Palito refinery was the first one “built by Iran” overseas and adding that Tehran will pursue more overseas refinery projects in other countries besides Venezuela. Plans for the tie-up have been in the making for quite a while. As Owji put it, “This was a long-standing and 43-year-old dream that was realized through the efforts of my colleagues at the National Iranian Oil Refining and Distribution Company (NIORDC).” The actual agreement to start refining Iranian oil at the El Palito refinery was closed this spring as the two inked a deal to […]