China, South Korea to upgrade Iranian refineries
Tehran (ISNA) - Chinese and South
Koreans are planning multibillion-dollar optimization and expansion of two
major oil refineries in Iran.
South Koreans have undertaken to
provide 1.9 billion euros for improving and optimizing facilities at Isfahan
Oil Refinery, Shana quoted Alireza Arman Moghadam at the National Iranian Oil
Refining and Distribution Company as saying.
The deal to expand the refinery was
awarded to South Korea's construction giant Daelim Industrial Company last
December.
The project, due for completion in
48 months, is to add facilities for the production of high value-added products
to the oil refinery, Press TV reported.
The plant currently accounts for
supplying around 22 percent of Iran's demand for oil products with a capacity
to process 375,000 barrels per day of oil.
Under the deal, the South Korean
company will be in charge of designing, equipping and procuring material,
constructing and financing.
South Korea's Eximbank signed a contract
with Iranian banks in August to provide 8 billion euros ($9.4 billion) in loans
for financing various projects in Iran by South Korean companies.
Earlier this month, Iranian and
South Korean companies signed a contract worth 720 million euros to jointly
build 450 rail carriages for use in suburban Tehran.
Managing Director of National
Iranian Oil Refining and Distribution Company Abbas Kazemi said then that Iran
needed $14 billion of investment in total to fix and upgrade Tehran, Bandar
Abbas, Isfahan, Tabriz and Abadan refineries.
Kazemi said Iran expected to sign
oil refining contracts worth $8.6 billion with a number of Japanese, Chinese
and Korean companies.
On Wednesday, China’s Sinopec
Engineering (Group) Co. said it had entered into an engineering, procurement
and construction contract with National Iranian Oil Engineering and
Construction Company to upgrade phase II of Abadan Oil Refinery.
"The group will pursue
approximately 6.86 billion yuan ($1.05 billion) of the total contract
value," it said
author: D-Ezatiyan - Date: 1/1/2018