As the Maduro administration in Venezuela continues to find ways to circumvent Washington’s unyielding pressure on its oil industry, the authorities in Caracas have disclosed a collaborative initiative with Iran that seeks to put a brake on the huge financial losses which the country has had to endure on account of the US’ squeeze on the country’s economy.

Earlier this month, disclosures emerged regarding contracts between the Maduro administration and one of Venezuela’s biggest benefactors in its battle against sanctions, Iran, regarding the setting up of an Iranian oil refinery in Venezuela, reportedly one of two such refineries that target South America.

Source » stabroeknews