7 September 2016 - 09:13
NIORDC inks 7 MoUs with Asian firms

TEHRAN, Sep. 07 (MNA) – NIORDC head said Iran has signed seven Memoranda of Understanding (MoUs) with Japanese, Chinese and South Korean firms to build or develop Iranian refineries.

Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi described details of negotiations and agreements with foreign companies for construction, renovation and development of the country’s crude oil refinery complexes; “presently in the post-JCPOA era, the Iranian refinery industry pursues three policies including reduction of fuel oil production, creation of new refineries as well as enhancement of manufacturing processes of petroleum products.”

Deputy oil minister noted that Iran’s refining capacity has reached about 1.85 million barrels per day (bpd) asserting “the figure is expected to hit three million bpd upon implementation of new plans.”

Kazemi reiterated that in line with increased capacity, lowering share of fuel oil production in the country’s refinery basket remains high on the agenda as its share is expected to decrease from the current 30 per cent to 10.

“So far, seven MoUs and contracts have been sealed for implementation of project to reduce fuel oil production in existing refinery complexes,” underlined the official stating “in order to put the plan on stream in Bandar Abbas Refinery Marubeni, two deals have been reached with Japan’s Marubeni and Chiuda firms.”

NIORDC head pointed to an MoU with a South Korean company for carrying out the same project in Tabriz Refinery stressing “Isfahan Refinery has also sealed an agreement with South Korea's Daelim company.”

Abbas Kazemi went on to enumerate two other Japanese firms with whom agreements have been reached over renovation of development of Iranian refineries in Tehran and Tabriz; “Japanese firms have been more active than other Asian firms for implementation of refinery projects in Iran.”

“Meanwhile, talks have been also conducted with a Chinese enterprise for increasing capacity of Abadan Oil Refinery,” he emphasized.

Deputy oil minister had previously reported on negotiations with Eni of Italy for investment and construction of Pars (Shiraz) Condensate Refinery with a daily capacity of 120 thousand barrels.

HA/3762945

News Code 119560

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