Petropars Group signs a contract with Venezuela's state oil company PDVSA to upgrade and revamp Venezuela's main oil export terminal of Jose.
A contract to upgrade and revamp Venezuela's main oil export terminal of Jose was signed between Petropars Group and PDVSA.
Based on the agreement signed between Petropars Group and PDVSA, upon the visit of the President of the Islamic Republic of Iran to Venezuela following the signing of the Memorandum of understanding (MOU) by the oil ministers of the two countries, Dr azimifar Board of Director of Petropars Group and Mr Pedro Rafael Tellechea CEO of PDVSA will upgrade and revamp the storage capacity of Venezuela's Port of Jose Terminal within one year through the repair, construction, completion, and reconstruction of storage tanks, comprehensive maintenance, and repair of package pump stations and loading capacity in the form of an EPC (Engineering, Procurement, and Construction) Contract financed by the Venezuelan side, as reported by the Public Relations and International Affairs of Petropars Group.
The contract "Upgrading and Revamping Venezuela's Main Oil Export Terminal of Jose," signed in the presence of Javad Owji, Minister of Petroleum of the Islamic Republic of Iran, is the first international EPC contract signed by an Iranian company. It was concluded to expand the company's chain of activities, especially its presence in global markets, by the new management team of Petropars Group following the Joint Committee of the company and PDVSA, as well as to evaluate and prioritize the participation opportunities of Petropars Group in the upstream plans of Venezuela's Oil Industry thanks to their management capabilities and technical knowledge accumulated from the implementation of development plans in South Pars joint gas field by Petropars Group.
It should be noted that Petropars' history of cooperation with PDVSA dates back to the engineering study of Ayacucho Blocks 1-4, as well as the evaluation and submission of proposals for participation in the heavy crude oil block development project in the Dobokubi Oil Field in Venezuela.
Around 20% of the world's oil reserves are located in Latin America. In particular, Venezuela has the highest level of oil reserves in the world, has experienced economic expansion recently, and encouraged international investments. All these have made Petropars Group attach particular importance to Latin America as one of the main priorities of its overseas activities.