Ground broken for €3 billion refinery in Iran

Sep 02, 2015 12:00 AM

Construction of an oil refinery with an estimated cost of €3 billion started in Iran’s western province of Kermanshah on Tuesday.

The Anahita Refinery is projected to produce 25 million liters of oil products, meeting euro-5 standards, per day.

The refinery will have a daily capacity of 150,000 barrels.

Iran’s oil production has climbed to the highest level since sanctions were intensified against the country in 2012, new figures show.

Output rose by 50,000 barrels a day to 2.9 million in August, the highest since July 2012 when new sanctions led to a sharp decline in production and cut Iran’s exports by more than half.

The country currently exports 1.3 million bpd of crude oil against 2.2 million bpd before the sanctions.

With holding 157.5 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.

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