Tehran, Beijing Planning $3 Billion Refinery Overhaul

Mehr News Agency, January 18, 2017

Iran and China are reportedly close to finalizing a deal to overhaul the 364,000 bpd Abadan Oil Refinery in order to stabilize refining capacity at the 100-year-old refinery, comply with the Euro 5 Standard, reduce environmental pollutants, and increase diesel and gasoline production. The parties are expected to invest roughly $3 billion in to the project. Iranian Deputy Oil Minister Abbas Kazemi said "executive operation of the huge refinery project will have kicked off at present of Iran’s 1st VP by the end of the current Iranian calendar year (to end March 21)."

Click here to read the full article from Mehr News Agency.

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