Abbas Kazemi, Iran's Deputy Oil Minister, announced the signing of seven agreements and contracts with Chinese, Japanese, and Korean companies for the construction and development of oil refineries in Iran. In an interview with Mehr News Agency on Wednesday, September 7, he stated, 'Japanese companies have been more active than other Asian and European companies in implementing refinery projects in Iran.' Kazemi, who is also the CEO of the National Iranian Oil Refining and Distribution Company, reported that Iran's current oil refining capacity is approximately 1.85 million barrels per day, adding, 'With the implementation of new projects, Iran's oil refining capacity will definitely exceed three million barrels per day.' According to the CEO of the National Iranian Oil Refining and Distribution Company, initial agreements have been signed with two Japanese companies, Marubeni and Chiyoda, for the implementation of a project to reduce fuel oil production at the Bandar Abbas oil refinery. This official from Iran's Ministry of Oil also announced the signing of a memorandum of understanding with South Korea's SKS company for a similar project at the Tabriz oil refinery. Another recent development in this sector, mentioned by the Deputy Oil Minister, is the signing of an agreement with South Korea's Daelim company for the development and improvement of production processes and reduction of fuel oil production capacity at the Isfahan refinery. Kazemi noted that negotiations have also taken place with Japan's JGC Corporation for the fuel oil reduction project at the Tehran oil refinery, and a memorandum of understanding has been signed with Japan's Nippon Oil for the execution of the petro-refinery in Tabriz. The Iranian Deputy Oil Minister also recalled that negotiations have been conducted with a Chinese company for the stabilization and enhancement of capacity and improvement of production processes at the Abadan oil refinery. Last week, Kazemi reported on negotiations with Italy's Eni for investment and construction of the Pars Shiraz gas condensate refinery with a capacity of 120,000 barrels per day. Recently, Iranian media reported an 86% physical progress in the construction of the Persian Gulf Star refinery. According to reports from Iran's Ministry of Oil, the first phase of the Persian Gulf Star refinery will be operational next year, which will soon make Iran self-sufficient in gasoline imports. The Persian Gulf Star refinery is referred to as the largest gas condensate refinery under construction in the Middle East, capable of producing 36 million liters of gasoline and 14 million liters of diesel daily.
Deputy Oil Minister: Signing of Seven Agreements and Contracts with Asian Companies for Refinery Development
Iran's Deputy Oil Minister announced the signing of seven agreements with Asian companies to enhance oil refining capacity, aiming to exceed three million barrels per day. This includes collaborations with Japanese and Korean firms for various refinery projects. The developments are significant as they aim to make Iran self-sufficient in gasoline production soon.
👥 Key Players
📰 What Happened
Iran has signed seven agreements with Asian companies to develop and enhance its oil refineries, aiming to significantly increase its refining capacity.
- Iran's current refining capacity is 1.85 million barrels per day.
- The goal is to exceed three million barrels per day with these new projects.
💡 Why It Matters
📚 Background
Iran has faced international sanctions affecting its oil sector, making these agreements crucial for economic resilience.
Translated from the original and edited for English readers. View original source →
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