Madrid, June 1, IRNA-Iran and Venezuela will build an oil refinery at the 'Faga' region in the oil-reach Orinoko province in Venezuela, according to local new sources in Madrid. The refinery will be designed to refine heavy oil and produce gasoline and other oil derivatives.
Head of Venezuela's Petroleos company said the agreement could be beneficial to both countries.
He added the heavy oil in the region could easily be refined at which time Iran will import gasoline from Venezuela.
Oil Minister Kazem Vaziri Hamaneh left here for Caracas, Venezuela, Monday morning to attend the 140th extraordinary meeting of the Organization of Petroleum Exporting Countries (OPEC) scheduled to start on June 1.
Member states of OPEC, in their extraordinary meeting, will discuss latest developments in the world oil market, including oil price and the possibility of OPEC fixing a new ceiling for oil production.
But analysts have said that in view of the current situation of the global oil market, no change would likely be made by OPEC to its daily production quota of 28 million barrels.
A session of OPEC's monitoring committee is expected to be held prior to the organization's extraordinary meeting on Thursday. The session will be chaired by Iran's oil minister.
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