Indian Essar Group to build refinery in Iran

Oct 26, 2007 02:00 AM

National Iranian Oil Refining & Distribution Co. (NIORDC) and India's Essar Group are about to finalize the deal on building a refinery in southern Iran.
The $ 8-10 bn refinery, the first downstream project after new economic sanctions against Iran, is expected to boost the country's refining capacity. 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 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.

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