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Iran's oil refining industry needs $20bn investment: Oil Minister

Tehran, Oct 11, IRNA - Iran's Oil Minister Gholam Hossein Nozari said on Saturday that more than 20 billion dollars are needed to be invested in the country's oil refining industry.

Nozari made the remarks in his address to the opening ceremony of the second Iran International Oil Refining Forum that began in Tehran on October 11.

The two-day forum is attended by a large number of domestic and foreign companies active in the field of oil refining industries.

The minister voiced Tehran's readiness to "shake the hands which are able and would like to assist us."

He said that Iran's oil refining industry was experiencing major development which would create more opportunities to cooperate with domestic and foreign companies "to carry out joint projects through technical knowledge and financial support."

The minister stated that changes made in Iran's refining industry were divided into two major fields: "One is the development, optimizing and technological upgrading and enhancing profitability of existing refineries which also consists of promoting quality by global standards and safety and advanced exploitation systems, as well as environment protection," said the minister.

He added that the other major development was made in the field of "carrying out basic plans for extra heavy crude oil processing in Soroush, Norooz, Azadegan and Yadavaran oil fields, as well as South Pars' oil layers and processing of South Pars exploited gas condensate" which are divided into a number of subdivisions.

Nozari referred to the subdivisions of those basic plans as the capacity increase of existing refineries to 190,000 b/d, establishing two refineries with gas condensate feedback with the capacity of 480,000 b/d, establishing three refineries with Iranian heavy crude oil with the capacity of 400,000 b/d, establishing two refineries with Iranian extra heavy crude oil with the capacity of 380,000 b/d and establishing one refinery with Caspian States' light crude oil with the capacity of 300,000 b/d.

He added that establishing the refineries would double Iran's oil refining capacities comparing the present figure mounting it to 1,750,000 b/d.

The minister noted that the forum is a very good opportunity for cooperation of Iranian and foreign companies in the country's long-term macro projects.

Iran welcomes foreign investment in oil, gas sector

Foreign Minister Manouchehr Mottaki on Saturday voiced Iran's readiness to cooperate with foreign firms willing to make investment in Iran's oil and gas projects.

Addressing opening session of the 2nd Iran Oil Refining Forum, he also announced readiness of Iran's Foreign Ministry to cooperate with those companies and states.

Referring to the current turmoil in the Caucasus region, he added that Iran insists upon security of oil supplies.

He underlined the need for refraining from extremist politicizing encouraged by the big powers.

"The bullying powers are trying to deprive world countries of numerous blessings of participation in the oil and gas projects to maintain their monopoly over energy industry."

He said that Iran is the safest and most economical route for piping oil and gas.

"Iran can transfer the Caspian Sea oil to the Persian Gulf and free international waters via the shortest and best possible route," Mottaki said.

He also announced readiness of Iran's oil refining industry to carry out various oil projects in foreign countries.

... Payvand News - 10/11/08 ... --

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