Page 7 - LatAmOil Week 19 2022
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                                         Owji (second from left) met with Nicaraguan officials on May 5 (Photo: Diario Barricado)
                         He made the announcement following a meet-  Centeno added that a fourth phase is under
                         ing with Nicaragua’s Minister of Energy and   evaluation, which would comprise a fuel storage
                         Mines, Salvador Mansell, and the Minister for   and distribution plant on Nicaragua’s Caribbean
                         Production and Trade, Francisco López, at   coast and a pipeline connecting it with Miramar.
                         CIESSB’s Miramar fuel distribution plant.  Owji said that the full project would cost a
                           According to Managua, the CIESSB refinery   total of $6.6bn. Noting that “the government of
                         will have a crude processing capacity of 150,000   President [Ebrahim] Raisi sees Nicaragua as a
                         barrels per day (bpd), 50,000 bpd of which   strategic partner in the world”, he said Iranian
                         will be consumed locally, with the remainder   experts would analyse the project and “God
                         available for export to other Central American   willing, […] will start this important work soon.”
                         countries.                             “We are committed to participating in this
                           The facility’s process co-ordinator Marco   important investment, given our long experi-
                         Centeno said: “Originally designed to process   ence in this type of construction and refinery,”
                         crude oil from the Orinoco Belt in Venezuela; it   the Iranian minister told Nicaraguan official
                         is a refinery with a deep conversion configura-  media.
                         tion and the refinery will be capable of produc-
                         ing LPG, naphtha, gasoline, Jet-A1, diesel, fuel   Invitation to Brazil
                         oil no.6, coke and sulphur and has the capacity   While Owji was doing the rounds, the CEO of
                         to distribute to the national and Central Ameri-  Iran’s Persian Gulf Petrochemical Industries Co.
                         can market,” Centeno said.           (PGPIC) made overtures to Brazilian firms to
                           It comprises three phases. The first is a fuel   invest in the Islamic Republic’s petchem sector.
                         storage and distribution plant – in which invest-  Speaking to Iranian state media, Abdolali Ali
                         ment has so far amounted to $432mn – capable   Askari said: “PGPIC has 14 projects under con-
                         of receiving LPG, super gasoline, regular gaso-  struction with a domestic return price of at least
                         line, diesel and fuel oil.           15%, which is a good opportunity for foreign
                           The $3.64bn second stage focuses on the   investment, and in this regard we welcome the
                         development of 100,000 bpd of refining capac-  investment of Brazilian companies.”
                         ity, which will be expanded during phase 3 to   He noted that PGPIC is the largest company
                         150,000 bpd alongside the integration of pet-  in Iran’s capital market and has invested around
                         rochemical facilities to produce olefins and   $26bn across various projects over the past 20
                         polymers.                            years. ™



                                                     VENEZUEL A
       PdVSA now importing Iranian heavy crude






                         VENEZUELA has begun importing heavy   earlier this week.
                         crude oil from Iran in order to make more feed-  The shipments are taking place within the
                         stock available to domestic refineries, according   framework of a new trade pact struck between
                         to documents from the national oil company   Tehran and  Caracas,  Mehr News Agency
                         (NOC) PdVSA that were viewed by Reuters   reported on May 10.



       Week 19   12•May•2022                    www. NEWSBASE .com                                              P7
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