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Iranian Petroleum Minister Javad Owji has said that Iran has started refining its crude oil in Venezuela, state media affiliated to his Ministry reported.

Iran had started processing nearly 100,000 barrels per day of its crude in Venezuela's El Palito refinery, Owji was quoted by the state media as saying on Sunday.

"This was a long-standing and 43-year-old dream that was realised through the efforts of my colleagues at the National Iranian Oil Refining and Distribution Company (NIORDC)," he added.

Jalil Salari, Head of NIORDC, said on Sunday that efforts are underway to expand Iran's refinery operation in overseas projects, Xinhua news agency reported.

According to state media, Iran signed a $116-million contract with Venezuelan state oil firm PDVSA in May to repair and expand the refinery.