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News number: 8804271386

18:49 | 2009-07-18

Economy

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Official: China to Invest in Development of Abadan Refinery

TEHRAN (FNA)- An Iranian oil official announced on Saturday that a Chinese oil company is due to pick up a major role and invest large sums in the development of Abadan refinery.



"The company is due to participate in phase 3 of the development project of Abadan refinery through 1050 billion Rials (approximately USD105 million) of investment," Managing Director of Abadan Oil Refining Company Alireza Abhaji told reporters in Abadan, southern Iran.

Based on early estimates, phase 3 of the development project requires 280 million Euros of investment, he added.

"The Chinese company will take up 35% share in the refinery development project, given the volume of its investment," Abjahi noted, without identifying the company's name.

He further mentioned that the Iranian Oil Ministry laid much emphasis on the development project of the Abadan refinery in a bid to increase the refinery's capacity for producing different kinds of oil products.

The Iranian official further noted that the development project is focused on raising fuel production capacity in the old refinery.

Iran and China signed two memoranda of understanding on refinery construction early in July.

The agreements were inked in a meeting between an Iranian oil delegation, comprising Oil Minister Deputies Hossein Noqrekar Shirazi and Seyed Nuredding Shahnazizadeh, and China Petroleum & Chemical Corp. (Sinopec) officials in Beijing.