Home Page - Gulf in the Media
HomePoliticsEconomy                               Set Gulfinthemedia.com as home page
 Print  Send This Page
Save Listen to this Article
Iran targets $ 8.6bn of refinery deals with Asia firms   

TradeArabia - 03 February, 2017

Iran expects to sign its biggest oil refining contracts worth $ 8.6 billion with a number of Japanese, Chinese and South Korean companies this month or later, Deputy Oil Minister Abbas Kazemi said on Wednesday.

The biggest deal is reserved for Japan's Marubeni, Chiyoda and Mitsui companies to upgrade Isfahan refinery, Kazemi was quoted as saying in the Iran Daily report, which cited Press TV.

"Negotiations have been held with the three companies and the deal for this massive refining project worth $ 3.6 billion is expected to be finalized soon," he said.

Another $ 2 billion contract is about to be signed with South Korea's Daelim to boost oil processing capacity at Isfahan refinery, Kazemi added.

However, the most imminent contract, valued at $ 3 billion, is expected to be concluded within the next couple of weeks with the Chinese to develop and improve the quality of Abadan refinery.

Kazemi said the formal implementation of the project beginning in the current Iranian month, which started on January 21, with the participation of energy officials from the two countries as well as senior directors of China's Sinopec Company.

The scheme is planned to cut furnace oil production at the plant to about 20 per cent from the current 40 per cent, the official said.

China has opened $ 1.3-billion credit line to finance the plan, he said, adding another $ 1.7 billion is expected to be opened in the spring.

Iran plans to sign contracts worth $ 14 billion to fix and upgrade the quality of Tehran, Bandar Abbas, Isfahan, Tabriz and Abadan refineries, said Kazemi who is also managing director of National Iranian Oil Refining and Distribution Company(NIORDC).

Plans to construct 12 new oil refineries

Meanwhile, Iran has begun the construction of 12 oil and gas condensate refinery complexes, said director of corporate planning at NIORDC, according to the Iran Daily report.

Currently nine refineries with an aggregate total capacity of 1.73 million barrels are functioning across the country, added Arman Moqaddam, the report said, citing Mehr News Agency.

Moqaddam further stated that Iran has 13,000 km of pipelines for the transmission of crude oil products. "More than 5,500 gas oil and compressed natural gas stations are operating in Iran," he added.
 
  Other Top News
Washington changes rules of engagement for Mosul fight
US Army Lt. Col. James Browning juggled phone calls on an overstuffed sofa in a small village south of Mosul. His counterparts in the Iraqi Army's 9th Division were pushing toward western Mosul, just a few miles away and were coming under..
Suicide bomber kills five at gate of Yemen army base
A suicide bomber killed five people and wounded three on Friday when he blew up his vehicle at the gate of a Yemeni army base, security sources said...
Over 50 dead in Syria Car bomb attack
An Islamic State car bomb killed more than 50 people yesterday in a Syrian village held by rebels, a war monitor said, a day after the jihadist group was driven from its last stronghold in the area...
IAEA still verifying no undeclared nuclear materials used in Iran
The International Atomic Energy Agency (IAEA) said its inspectors were verifying there were no undeclared nuclear materials in Iran's nuclear facilities...
Qatar supports UN counter-terrorism efforts
Qatar's permanent representative to the United Nations Ambassador Sheikha Alia Ahmed bin Saif Al Thani said that the country remains committed to all the UN's counter-terrorism efforts...
UNSC renews mandates of Yemen's sanctions committee, panel of experts
UN Security Council unanimously adopted resolution 2342 renewing the mandates of Yemen's sanctions committee and the Panel of Experts...
Saudi Minister in talks with Iranian team over Haj
Saudi Arabia discussed the possibility of Iranian pilgrims rejoining the Haj pilgrimage. The issue came up for discussions during talks in Jeddah between Minister of Haj and Umrah Muhammad Bantan and an Iranian delegation late Thursday...
Sun Feb 26, 2017| 29-جماد أول-1438هـ
Syria expands anti-Daesh operations
Riyadh celebrates first Saudi Women's Day
UAE summons Iran's diplomat
Trump turns up the heat on Iran, but no clear game plan yet
Qatar tops world in BMI index for investment attractiveness
Qaeda kills Yemen police, targeted in US raid
Iran targets $8.6bn of refinery deals with Asia firms
UN chief: Syria dialogue must focus on transition for success
US President Trump strongly supports Iraq - envoy
DGCX traded 1.37m contracts valued at $33b in January
Iran rejects 'baseless' warning from US on missile test
GCC consumers spend $9.3 billion on beauty, personal care products
HM King hails parliament's role
Saudi sentenced 7 years in prison for entering Syria, joining Al-Nusra
AD CP, Emir of Qatar discuss ties
  Op-Ed
Trump versus Iran: Mixing up the issues
Is it possible to create safe zones in Syria?
More>>  
    Reports
NBK Report on oil markets
GCC Banking Sector Quarterly - 2Q16
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    GRC Analysis
UAE'S NON-OIL TRADE HITS DHS1.2 TRILLION
The Benefits of NATO-GCC Strategic Ties
The GCC and the EU's New Global Strategy
    GRC Commentary
Climate COP 22 in Marrakech Important for the Region
Earth Day 2016: The Promised Day
An Evolving Saudi-US Relationship
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
Sustainable Development Goals: Challenges and Opportunities for the GCC Countries
Salalah: The Economic Development and Spatial Fragmentation of a Globalized Port City in Southern Oman
Oil in the GCC Countries
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
Go
GRC Publication
      
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:0  |   32-- 32 Middle Page :0  --   | Right : 32 - 32-nonexist-en--sess-enreq-en-coming