Iran plans major upgrade of oil refineries
Iran is in talks with foreign companies for an extensive revamp of its oil refineries which are in dire need of upgrade after years of draconian Western sanctions.
Talks have been held so far with Japanese and Korean firms to invest in Iran’s renovation and improvement of oil processing facilities, head of the National Iranian Oil Refining and Distribution Company Abbas Kazemi said Tuesday.
Among the projects, Isfahan and Bandar Abbas refineries will get $1.2 billion each to upgrade and enhance products.
Nine Iranian refineries currently process 1.8 million barrels of crude oil per day. According to Ministry of Petroleum reports, cited by IRNA, only one facility is operating with an acceptable profit margin and the rest need major upgrades.
Kazemi said Iranian refineries were producing too much fuel oil and his company was exhorting them to make higher-value products.
“As per the Vision Plan, fuel oil production has to reach 10%. This rate is currently at 28%,” he said.
US-led sanctions have limited Iran’s access to modern technology and equipment in a variety of sectors, including in its massive energy and transportation sector.
Western sanctions on Iran’s oil industry forced the country to use its petrochemical plants for production of gasoline which dramatically worsened air pollution in cities.
Iran’s oil exports to China won’t drop because of Trump: Expert
Iran launches renovation project at its main oil export terminal
Iran says it hit record daily gas production in South Pars
VIDEO | Press TV's news headlines
VIDEO | US-Israeli genocide: Will Gazans see ceasefire deal achieved?
VIDEO | Grief strikes Parachinar: 44 lives lost in terror attack
VIDEO | Yemen’s armed forces target Israeli airbase amid nationwide pro-Palestinian rallies
Putin vows more test of new hypersonic missile
VIDEO | Jordanians continue rallies to denounce Israeli genocide in Gaza, Lebanon
6 Israeli soldiers commit suicide: Reports
Diplomat discourages recourse to pressure, intimidation, confrontation against Iran
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
