Managing Director of National Iranian Oil Engineering and Construction Company (NIOEC ) Hamid Sharif Razi said Iran is collaborating with Malaysia in building a crude oil refinery with the capacity of refining 250,000 barrels per day; “the Malaysian side seeks to construct a petro-refinery which is not in line with our goals, however a delegation will soon visit Iran to discuss the issue.”
“NIOEC is also conducting talks with Indonesia, South Africa, Sierra Leone, Brazil and India on constructing refineries,” he continued.
Sharif Razi further emphasized that Iran's aim of partnership in developing foreign refineries is to guarantee oil sales and imports of oil products which is carried out similarly by some oil producers.
Bloomberg has reported that in competition with other countries to gain a greater share of the oil market, Saudi Arabia has put the purchase of foreign refineries on the agenda for instance the buying of 65 per cent of the stake in South Korea's third-largest refinery.
While oil prices have fallen more than 50 percent in the past two years, the Saudis and other oil-rich countries are competing to attract more customers.
Asia is now the main arena for competition due to importing 70 per cent of its oil from Saudi Arabia.
HA/IRN81954591
Your Comment