Iran is increasing supplies of a key crude grade that Venezuela is using to boost its aging refineries’ productivity and free domestic oil for exports.
Venezuela's state-run oil company PDVSA is set to receive 4 million barrels of Iranian Heavy crude this month, an increase from 1.07 million barrels of oil as compared to June and the same rate of the hike as compared to May, Reuters news agency reported.
Iran and Venezuela have increased their energy cooperation in recent years. Venezuela's heavy oil swap and other goods are swapped with Iran's gasoline, gas condensate, refinery parts and technical support. Accordingly, exchanges between the two countries have increased since May when the two countries' state-owned companies signed a contract to upgrade Venezuela's El Palito Refinery.
According to this report, this oil shipment is supposed to reach Puerto José in Venezuela by the end of this month.
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