Iran’s oil refining industry needs Euro 12 -bn investment for its development

Oil Minister Kazem Vaziri-Hamaneh said that oil refining industry of the country needs a Euro 12-bn investment for its development. Vaziri-Hamaneh was speaking at the inaugural ceremony of the first two-day international Iran Oil Refining Forum (IOR), which opened in Tehran.
"The policy of attracting new investment for fundamental projects of refining industry is based on participation of the domestic and foreign private sector. This will be an appropriate opportunity for cooperation between Iranian and foreign companies in macro and long-term projects," he said.

He added, "In case of continuation of subsidized prices in Iran, the government will pay for subsidies. This will prepare an excellent opportunity for active participation of the private sector including domestic and foreign companies to administer Iranian refineries."
The minister highlighted the importance of constructing hydrogen refining units with a capacity of 20,000 cm of kerosene and 80,000 cm of gasoline per day, sayingit needs a huge investment. He said Iran's refineries currently produce 480,000 barrels of furnace oil per day, adding the country intends to turn 80 % of the amount into light oil products.

Vaziri-Hamaneh noted that construction of Hormuz refinery in Bandar Abbas city and Abadan city in Khuzestan, each with a daily capacity of 300,000 and 180,000 barrels, respectively and a gas condensate plant in Bandar Abbas with a capacity of 360,000 bpd are among Iran's new projects in oil refining industry.
Managers of the oil industry as well as representatives of more than 83 foreign and 206 Iranian companies engaged in oil refining business and distribution of oil products are participating in the event.