€2bn worth of FDI attracted in refinery sector

TEHRAN, Jan. 15 (MNA) – Deputy Oil Minister for Oil Products Distribution and Refining Affairs Alireza Sadeghabadi said that €2 billion worth of Foreign Direct Investment (FDI) has thus far been attracted for the development project in Abadan Oil Refinery.

He pointed to the attraction of foreign investment in refining projects of the country and added, “negotiating with other foreign companies for renovating and modernizing other refineries has not yet been finalized.”

The country has attained self-sufficiency in implementation of refining and gasoline production plans, Sadeghabadi opined.

He put the current capacity of refining oil and gas condensates in the country at about 2.1 million barrels.

Attraction of €2 billion worth of Foreign Direct Investment (FDI) from China for modernizing Abadan Oil Refinery is considered as one of the largest foreign investments made in post-sanctions era, he emphasized.

Renovation of Abadan Oil Refinery launched in Feb. 2017 in the wake of implementation of Iran’s nuclear deal dubbed ‘Joint Comprehensive Plan of Action (JCPOA) using foreign finance, he said, adding, “some units of the refinery will be commissioned in upcoming months.”

The development project of Abadan Oil Refinery will be implemented in cooperation with China Petroleum & Chemical Corporation (Sinopec) and Iran Oil Design and Construction Company (ODCC), the deputy oil minister ended.

MA/IRN83171168

News Code 141533

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