Iran, Brazil to build oil refinery in Latin America

May 10, 2015 12:00 AM

Iran and Brazil signed a preliminary agreement to build a new oil refinery in Latin America, Iran’s deputy oil minister said Sunday.

“If a final agreement is reached between the two countries, they will build the new Latin America refinery, which is expected to be able to process 300,000 barrels per day of crude oil”, Abbas Kazemi, deputy minister of petroleum and managing director of the National Iranian Oil Refining and Distribution Company, was quoted as saying by Mehr news agency.

The crude only refinery is aimed at “securing long-term demand for Iran's exported crude oil”, Kazemi said, adding that Tehran was also in talks with an Indian company to build a refinery in India with the capacity to process 400,000 barrels of crude oil.

A high-ranking Indian delegation arrived in Tehran in April to hold talks over a new oil contract with the Islamic Republic.

India is the second biggest customer of Iran's crude oil after China, the Tehran-based news agency reported.

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