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Iran's oil refining industry needs dlrs 15b investment: Oil Minister


Tehran, Feb 17, IRNA - Iranian Oil Minister Kazem Vaziri-Hamaneh said in Tehran on Saturday that oil refining industry of the country needs a 15-billion-dollar investment for its development.

Vaziri-Hamaneh was speaking at the inaugural ceremony of the first two-day international Iran Oil Refining Forum (IOR), which opened in Tehran on Saturday.

"The policy of attracting new investment for fundamental projects of refining industry is based on participation of the domestic and foreign private sector.

"This will be an appropriate opportunity for cooperation between Iranian and foreign companies in macro and long-term projects," he said.

He added, "In case of continuation of subsidized prices in Iran, the government will pay for subsidies. This will prepare an excellent opportunity for active participation of the private sector including domestic and foreign companies to administer Iranian refineries." The minister highlighted the importance of constructing hydrogen refining units with a capacity of 20,000 cubic meters of kerosene and 80,000 cubic meters of gasoline per day, saying it needs a huge investment.

He said Iran's refineries currently produces 480,000 barrels of furnace oil per day, adding the country intends to turn 80 percent of the amount into light oil products.

Vaziri-Hamaneh noted that construction of Hormuz refinery in Bandar Abbas city and Abadan city in Khuzestan, each with a daily capacity of 300,000 and 180,000 barrels, respectively and a gas condensate plant in Bandar Abbas with a capacity of 360,000 barrels per day are among Iran's new projects in oil refining industry.

Managers of the oil industry as well as representatives of more than 83 foreign and 206 Iranian companies engaged in oil refining business and distribution of oil products are participating in the event.

On the sidelines of the confab, an exhibition aiming to introduce the potentials of Iranian oil enterprises to representatives of foreign companies attending the meeting will be held.

Forty-five Iranian and three foreign companies are participating in the exhibition.

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