ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2020-10-29  |  UPDATED: 1399/08/07 - 11:10:5 FA | AR | EN
UN Security Council condemns Kabul education center bombing            Parts Helmand Districts Cleared of Taliban: Defense Ministry             Khalilzad Calls for Urgent Reduction of Violence in Afghanistan            China threatens US with Ďlegitimate responseí over arms sales to Taiwan            Iran summons Swiss envoy to protest Ďbaselessí US claims on elections interference             Lebanese president tasks Hariri with forming new government            Three-man crew return to Earth from International Space Station             Obama warns Biden supporters not to be ícomplacentí as he rips Trumpís record            Bolivia election transparent, Arceís victory overwhelming: OAS            Iran successfully tests Bavar-373 air defense system on 2nd day of drills            US Democrats fear a late Trump surge despite opinion polls            Turkey extends gas exploration in disputed Mediterranean waters            Mosques in southern France placed under protection amid threats            Advocacy groups file complaint over Texas youth prison conditions            US Senate Intelligence Committee blames Americaís enemies for divide in the nation            


DATE PUBLISHED: 1399/07/02 - 15:49:2
VISIT: 259
SHARE WITH YOUR FRIENDS

How Iran is sharing lessons in resilience with Venezuela


Workers of the Venezuelan state oil company PDVSA wave Iranian flags as the Iranian-flagged oil tanker Forest docks at the second-largest refinery, Cardon, in western Venezuela, May 27, 2020.

An Iranian supertanker that shipped the countryís first oil cargo to Venezuela last week despite US threats to stop it is loading the Latin American countryís crude for export, media reports say.

Venezuelaís oil industry is hobbled by US sanctions which have thrown the country - owner of the worldís largest oil reserves - into its worst economic crisis in years.

And with most shipowners and oil traders shunning business with Venezuela for fear of the sanctions, Iran has emerged as the only country helping Caracas bring its refineries back to service and cope with an acute fuel shortage.

Oil refineries in Venezuela have capacity to process some 1.3 million barrels per day (bpd) of crude, but they are producing little fuel due to years of underinvestment amid US sanctions.

According to Bloomberg, the Iran-flagged supertanker Honey is loading Venezuelaís top exported grade Merey 16 at Puerto Jose after discharging 2 million barrels of Iranian condensate.

The cargo on board of the Iranian ship is expected to be sold in Asia, the main destination of Venezuelan crude, the financial news provider said.

Reuters news agency said three Iranian tankers - the Fortune, Faxon and Forest - are also crossing the Atlantic Ocean on their way to Venezuela, carrying gasoline to help ease an acute scarcity that has kept Venezuelans lining up in front of gas stations waiting for fuel.

The same vessels and two additional Iranian tankers delivered 1.5 million barrels of gasoline and diesel fuel to Venezuela between May and June despite US threats to stop them, while the South American nation shipped a cargo vessel carrying alumina to Iranís Bandar Abbas port.

Washington has sought to disrupt the deepening bilateral trade between the two countries.

Last month, the US government went on a full-throttle propaganda campaign, claiming that it had seized 1.116 million barrels of Iranian fuel because it was bound for Venezuela.

Iran, however, put down its foot to assert that neither the ships were Iranian nor their owners or their cargo had any connection to the Islamic Republic.

A legal challenge put up by the owners of the cargoes in the US early this month showed Iran was right.

United Arab Emirates-based Mobin International Limited said it was the owner of the cargo aboard the Bella and Bering tankers, UK-registered Oman Fuel said it owned the cargo aboard the Pandi and Luna tankers, and Oman-registered Sohar Fuel said it part-owned the cargo aboard the Luna.

The arrival of the Iranian-flagged very large crude carrier (VLCC) carrying Iranís condensate to be used as diluent for Venezuelaís extra heavy oil production further wrong-footed the US on its claim that it had found a way to stop the shipments.

In June, Iran also sent a cargo of food to Venezuela to supply the South American nationís first Iranian supermarket.

Covering an area of 20,000 square meters, the store is selling more than 2,500 Iranian items including foodstuff, clothing, detergents, plastic, disposable products, nuts, and even tractors.

The store ushered in a new era of cooperation between Caracas and Tehran, hailed by political observers as a step in breaking the paradigm of US power to subjugate sovereign countries.

Will Venezuela become more like Iran?

Leading American magazine Foreign Policy said last week the US "maximum pressure has not destroyed the Iranian economy, and Tehran is now sharing its lessons in resilience" with the beleaguered Venezuelan government.

Since Iran came under broad economic sanctions in the mid-2000s, Iranian policymakers have repeatedly asserted that the country would respond by adopting a "resistance economy" which would aim to reduce dependency on imports and Western investment.

"The simple fact that Iran, which has faced a broad campaign of sanctions for more than a decade, has recently come to the aid of Venezuela, which has been under concerted sanctions pressure for only a few years, suggests a remarkable degree of economic resilience. When comparing the two economies, the most salient question is not whether Iran will become like Venezuela, but rather whether Venezuela will become more like Iran," the US publication said.

Foreign Policy touched on Iranís economy in the aftermath of the US sanctions, including in the year leading up to March 2020, during which it generated $41.3 billion of export revenue from nonoil goods. Around half of this total was from manufactured goods, it noted.

In the same period, Iranís oil exports totaled just $9 billion, marking a historic moment in its modern economic history where the countryís industrial sector, which employs around one-third of the labor force, earned double the export revenue generated by the countryís oil sector.

"Remarkably, Iran managed to grow nonoil exports during a period in which it was subject to US secondary sanctions for all but two years. One of the major consequences of sanctions pressure, the steep devaluation of the rial, actually served to make Iranian exports more competitive abroad," it said.

The development of the Iranian private sector in the first decade of the millennium-encompassing improvements in the quality and efficiency of manufacturing as well as the capture of local market share-led to a larger number of manufacturing firms eyeing export potential, the magazine said.

From March 2019 to March 2020, China was the top destination for nonoil exports, with Iraq, the United Arab Emirates, Turkey, and Afghanistan rounding out the top five destinations, it added.

But Iranian policymakers are already indicating that their response will be to double down on a longstanding feature of Iranian economic policy under pressure: the "search for beneficial opportunities for engagement with the international economy."

"Iranís recent outreach to Venezuela, with the new spectacle of Iranian exports for sale on supermarket shelves in Caracas, is the latest example of this opportunistic approach to international engagement," Foreign Policy wrote.

On Tuesday, Venezuela pledged to continue trade with Iran after the US announced new sanctions on Iranian officials entities as well as President Nicolas Maduro.

The Venezuelan foreign ministry said "no intimidating and arrogant action by the US government will prevent it from exercising its sovereign right to establish economic and commercial relations freely with the Islamic Republic of Iran and with any State."

Venezuela and Cuba also on Monday called on the international community to put up a united front and fight the United Statesí hegemony and its blockade of world nations at a time of global crises, including the coronavirus pandemic.


SOURCE: PRESS TV

 

LINK: https://www.ansarpress.com/english/20467


TAGS:






*
*

*



SEE ALSO

Iran finds deposit with 8 million tonnes of gold reserves


Asian, European stocks sink as virus, stimulus sour mood


Citi to pay $400 million OCC fine over risk management issues


ADB Approves $110M Grant to Enhance Afghan Power Supply


18 million tourism jobs at risk in EU


Facebook tells Irish court that probe threatens its EU operations: Newspaper


Govít approves four wind and solar power projects


Asian, European markets sink after US Fed warning of íuncertainí outlook


WTO finds US in breach of trade rules with tariffs on China


Korea pledges $1m to help Afghanistan tackle pandemic





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

OIC urges all parties to the conflict to call an immediate truce

UN Security Council condemns Kabul education center bombing

Parts Helmand Districts Cleared of Taliban: Defense Ministry

Khalilzad Calls for Urgent Reduction of Violence in Afghanistan

China threatens US with Ďlegitimate responseí over arms sales to Taiwan

Iran summons Swiss envoy to protest Ďbaselessí US claims on elections interference

Lebanese president tasks Hariri with forming new government

Three-man crew return to Earth from International Space Station

Obama warns Biden supporters not to be ícomplacentí as he rips Trumpís record

Bolivia election transparent, Arceís victory overwhelming: OAS

Iran successfully tests Bavar-373 air defense system on 2nd day of drills

US Democrats fear a late Trump surge despite opinion polls

Turkey extends gas exploration in disputed Mediterranean waters

Mosques in southern France placed under protection amid threats

Advocacy groups file complaint over Texas youth prison conditions

US Senate Intelligence Committee blames Americaís enemies for divide in the nation

Twelve killed in Takhar airstrike, including children

Iran: Saudi military expenditure turned West Asia into powder keg

At least 34 killed in Cambodia flash floods

Linking terrorism to Islam shows ignorance: Imam of Egyptís Al-Azhar

Guinea scene of unrest as opposition cries foul after presidential vote

Khashoggiís fiancťe, human rights group sue Saudi crown prince in US for murder

In Pennsylvania, Trump touts the economy and warns of íBiden depressioní

Iran stresses sovereignty over trio of Persian Gulf islands at UNSC

India releases Chinese soldier detained at tense border

Interreligious peace event held in Rome

UNICEF praises KSA for ďhumanitarianĒ role in Yemen

Top GxOP pollster blasts Trump at British company gathering, calls his campaign Ďthe worstí ever

Israeli warplanes, helicopters launch fresh air raids in Gaza

Whichever ĎJokerí wins, the US has no energy left for self-correction

At least 15 dead in stampede near Pakistan consulate in Jalalabad

Pakistan parliament to host trade and investment forum for Afghans

12 Takhar Police Killed Dozens Missingí: Source

Shameful UAE visit will encourage more Israeli aggression: Palestinians

Iran to begin testing indigenous COVID-19 vaccine on humans in Nov.

Iran finds deposit with 8 million tonnes of gold reserves

China: Removal of Iran arms ban must be faithfully implemented

Pompeo smearing economic, trade cooperation between China, other countries: Beijing

Lifting of UN arms ban outcome of Iranís correct policy on JCPOA: Govt. spox

Trump seeks campaign boost as Biden leads in battleground Pennsylvania


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š