Tehran to spend $22bn to boost refining capacity

17 September 2008
Iran is to invest $22bn as part of plans to construct seven refineries and add more than 1.5 million barrels-a-day (b/d) to its energy capacity.

Aminollah Eskandari, director for refining affairs, National Iranian Oil Refining and Distribution Company’s (Niordc), told Iran's official energy news agency Shana that all seven refineries would be commissioned by 2012.

He expects to increase capacity to 3.3 million b/d from 2.1 million b/d in the next four years, making it the second largest refiner in the Middle East.

“Given the economic growth of big consumers such as India and China, a proper field has been provided for the country to make huge investments in oil refining,” says Eskandari.

He adds that studies of locations are being finalised.

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