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Iran targets new investments in refineries abroad

November 23/2015

MOSCOW (MRC) -- Iran is entering into negotiations to buy shares in oil refineries in Europe, Latin America and Asia, its deputy oil minister was quoted this week as saying by Mehr news agency, reported Hydrocarbonprocessing.

"Buying the oil refineries or their shares abroad is the policy of Iran after the lifting of sanctions," said Abbas Kazemi, head of the National Iranian Oil Refining and Distribution Co.

Under a deal reached with six major world powers in July, Iran agreed to curb its nuclear program in exchange for an end to economic sanctions imposed on the country in 2012.

Kazemi said that Tehran was in talks to buy a stake in India's Essar Oil, although India's No. 2 private refiner denied this.

"Essar has signed a non-binding term sheet with (Russian refiner) Rosneft for exclusive negotiations in relation to sale of Essar Oil shares and there is no other discussion in this regard," an Essar spokesman told news agency Reuters.

Kazemi said the National Iranian Oil Co. (NIOC) was willing to invest in plants to refine Iran's crude oil, since that would be more economical for the country.

Iran aims to raise oil output by 500,000 bpd as soon as sanctions are lifted in early 2016 and by 1 million bpd from March.

Once sanctions are removed, Iranian officials believe that Asian markets will be the company's priority for selling oil.

As MRC reported before, currently number of active Iranian Petrochemical complexes are 53, with total production capacity of 59 million metric ton, producing range of polymers, chemicals, aromatics & liquid gas, located mainly at Iranian south region, next to Persian Gulf, called Assaluyeh and Mahshahr Special Economic Zones.

At the moment, there are 67 developments projects in the country which are under construction, adding 61 million metric ton on total production and estimated to fully run till 2018.
Author:Margaret Volkova
Tags:PP, PE, PET, ethylene, petrochemistry, Iran.
Category:General News
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