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. Iran To Build Oil Refinery In Venezuela

File photo: An Oil refinery at night.
by John C.K. Daly
UPI International Correspondent
Washington (UPI) Jun 06, 2006
Iran and Venezuela, both at political loggerheads with the Bush administration, are deepening their economic ties. Iran will build an oil refinery in Faga, in Venezuela's oil-rich Orinoco province. IRNA news agency reported on June 1 that the refinery will refine heavy oil into gasoline and other oil derivatives.

Energy Minister and head of Petroleos de Venezuela Rafael Ramirez said the agreement would benefit both countries, adding that after the refinery comes online Iran will import gasoline from Venezuela. Iranian Oil Minister Kazem Vaziri Hamaneh is in Caracas to attend the 140th extraordinary meeting of the Organization of Petroleum Exporting Countries, which opened June 1.

Ramirez said that geopolitical tensions are the primary reason oil prices are currently above $70 a barrel. OPEC has kept its production ceiling at 28 million barrels per day since July 2005. Ramirez stated that Venezuela plans to increase its production to 5.8 million bpd in 2012.

Source: United Press International

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