Economy & Business - May 2022

ECONOMIC HIGHLIGHTS

NICARAGUA | Boosting ties with Iran. On 6 May, Iran’s oil minister, Javad Owji, floated the possibility of Iran investing in Nicaragua’s Supremo Sueño de Bolívar oil refinery, a mega-project first agreed with Venezuela’s late president Hugo Chávez (1999-2013) in 2007 which has yet to materialise. Owji made his comments during a recent visit to Nicaragua where he and Nicaragua’s President Daniel Ortega also reportedly signed a Memorandum of Understanding and contracts in the areas of oil and agriculture, the details of which have yet to be made public. Without specifying quantities or conditions of the agreement to supply oil to Nicaragua, Owji was cited by local media outlet Confidencial as saying that Iran will make its “best efforts to guarantee the supply of fuel” to Nicaragua. He also said that upon receipt of documentation related to the refinery, “we will decide on the participation of our country in the continuation of this project”. He said “we will do our best to be able to participate in that refinery and in future refineries in the country. We hope that a mixed, shared investment from Iran, Nicaragua, and Venezuela can be made to complete the refinery.” This is the second high-level visit by an Iranian delegation since Ortega took office for another term in January 2022.

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