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Oil Minister: Refinery in Indonesia to guarantee Iran's market supply

Isfahan, March 16, IRNA-Iranian Oil Minister Bijan Namdar Zanganeh said in Isfahan on Wednesday that establishment of a refinery in Indonesia by Iran would provide further security for Iran's market supply.

Speaking after signing a memorandum of understanding with his Indonesian counterpart Purnomo Yusgiantoro for establishing a refinery, Zanganeh said Iran and Indonesia have for long been in talks for establishment of the refinery with the capacity to refine 300,000 bpd of crude.

He said Indonesia would receive 300,000 bpd heavy crude from Iran a day and Tehran would have a share of 30 percent in the Indonesian company.

He added that the four-year project would cost more than three billion dollars.

National Iranian Oil Company and Pertamina will undertake the project.

Naftiran Intertrade Company will hold a 30 percent stake in the project.

... Payvand News - 3/16/05 ... --

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