National Iranian Oil Refining & Distribution Co. and India's Essar Group are about to finalize the deal on building a refinery in southern Iran.
The $8-10 billion refinery, the first downstream project after new economic sanctions against Iran, is expected to boost the country's refining capacity, reported Reuters.
Once implemented, it would be the first overseas refinery of the Indian enterprise, which is also keen to build a steel plant in Iran.
The plant due to be set up in the port city of Bandar Abbas is expected to process heavy crude including Soroush and "Iran Heavy".
The feasibility study of the project is over and we are working on financing, said an official from NIORDC.
Vice-President of the Indian group, Ravi Ruia, is currently in Tehran to negotiate the deal.
If the deal is clenched, construction is to start next year and be completed in 3-4 years, he concluded.
President Mahmoud Ahmadinejad will lead a delegation comprising Mojtaba Samareh-Hashemi, senior advisor to the President, Manouchehr Mottaki, Foreign Minister and Gholam-Hossein Nozari, Iran's Caretaker Oil Minister during the meeting.
The agenda of the two-day summit meeting will not only focus on the means of safeguarding the member states' interests and ways to ensure the stabilization of prices in oil markets, but will also cover environment preservation topics.
Saudi Arabia will host the third OPEC summit beginning November 17 in Riyadh.
The first summit was held in 1975 in Algeria and the second in 2000 in Venezuela.
OPEC members include Saudi Arabia, Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela.
The pipeline will carry Iranian gas to India. In continuation of its hostile behavior toward Iran, the US plans to urge India not to proceed with a gas pipeline project with Tehran.
US Treasury Secretary Henry Paulson will recommend India not go ahead with the more than 7-billion-dollar project, which is to transfer Iranian natural gas to New Delhi via Pakistan, during his four-day trip to India.
US Treasury Undersecretary for International Affairs David McCormick told reporters that the US hoped India would not move forward with the Iran-Pakistan-India gas pipeline. McCormick said his country thinks this would not be the right path during a time the world should be imposing greater discipline on its interactions with Iran.
India should meet its energy needs through a nuclear deal with the US that has been stalled, McCormick claimed.
Exports of Iran's petrochemical products have significantly increased as of the beginning of the current Iranian year.
Figures released by the Petrochemical Commerce Company of Iran show that Iran has exported over 9.4 million tons of petrochemical products since March 21.
The exported products have a value of $2.7 billion, which is a 56% increase compared to the same period last year.
Liquefied gas is the largest of Iran's petrochemical exports.
It is estimated that by the end of the current Iranian calendar year, the value of Iran's petrochemical exports will reach $5 billion.
... Payvand News - 10/27/07 ... --