Iran considering investing in refinery in Nicaragua

The announcement was made during a visit to the El Supremo Somni de Bolívar industrial complex in the Nicaraguan Pacific, where he received information about the refinery’s installed capacity.

“We are committed to participating in this important investment, given our long experience in this type of construction and refinery,” the Iranian minister told Nicaraguan official media, Finance.Newmexy reported.

“Our experts will analyze it and, God willing, we will start this important work soon,” he added. 

The industrial complex El Suprem Somni de Bolívar, a work for a total cost of 6,216 million euros / 6,558 million dollars, includes a refinery, an interoceanic oil pipeline, a plant for the reception, storage and distribution of hydrocarbons, power plants filling and distribution of liquefied petroleum gas, and a petrochemical plant.

The refinery, located near Puerto Sandino in the Pacific Ocean, will have the capacity to refine 150,000 barrels of crude oil daily, of which Nicaragua will consume 50,000 barrels and the rest will be exported to Central America, according to the government.

Owji arrived in Managua on Wednesday night at the head of a delegation. During his stay in Nicaragua, he met with the country’s president Daniel Ortega, Vice President Rosario Murillo, the Nicaraguan Chancellor Denis Moncada, as well as with the Cabinet of Economy and Energy.

“The government of President (Ebrahim) Raeisí sees Nicaragua as a strategic partner in the world,” Owji said.

“We will do everything possible to ensure delivery of fuel in Nicaragua, “said the Iranian oil minister, according to Asume Tech.

Nicaraguan President Ortega said that during the visit of the Iranian delegation “substantial oil issues” were discussed, with the proposal of “petrochemical and oil projects”, as well as the improvement and modernization of refineries and the development of the production of oil and gas fields.

The two governments signed an agreement for the development of oil exchanges and a contract for the supply of petroleum products, the value of which was not specified.

The Iranian minister explained that the projects provide for the possibility of investing in a refinery belonging to the “Bolivar’s Supreme Dream” industrial complex, launched by the Ortega government in 2007 and foresees a Venezuelan investment, but has stopped in the middle of the road due to economic difficulties in which pays Caracas.

Owji expressed the hope of continuing this project through “a joint investment between Iran, Nicaragua and Venezuela”.

“Together we can neutralize the effects of violations and sanctions,” said the minister.