News ID: 3880428 -

Tehran, Beijing to ink $3bn refinery contract

TEHRAN, Jan. 18 (MNA) – Deputy Iranian oil minister said Iran and China will soon sign into their largest deal in petroleum refinery industry worth three billion dollars.

Abbas Kazemi made the remarks during the opening ceremony of the first Iran Petroleum Industry Museum stating that the agreement will be sealed in February in time with the upcoming visit of a Chinese delegation to Tehran.

“Last week, the finance for consolidation and boosting quality of Abadan oil Refinery was officially opened by the Chinese side,” he continued.

National Iranian Oil Refining and Distribution Company (NIORDC) managing director stated that a delegation, comprising oil officials of China, will travel to Iran in February; “as such, the contract to enhance production quality of Abadan oil refinery will be signed at presence of Iranian and Chinese authorities.”

Executive operation of the huge refinery project will have kicked off at present of Iran’s 1st VP by the end of the current Iranian calendar year (to end March 21), said deputy oil minister estimating that the finance for the project would be worth about three billion dollars.

Abadan oil refinery project aims at stabilizing refining capacity of the 100-year-old refinery, producing based on Euro 5 Standard, reducing environmental pollutants, increasing diesel and gasoline production by improving production technology and reducing fuel oil production and collection of old tanks and facilities.

HA/3880031