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NIORDC Engaged in Talks to Fund Refineries Projects

Source: Shana 4/4/2011, Location: Asia

‘In order to speed up oil refineries development plans the National Iranian Oil Refining and Distribution Company (NIORDC) is engaged in talks with a foreign company amid coordination with domestic banks and development plans’ executives,’ NIORDC’s managing director Alireza Zeighami said.

Talking to Shana reporter, Mr. Zeighami noted that the company also had held talks with Khatamolanbia Headquarters to upgrade Abadan oil refinery in the form of a designing, purchasing, construction and financing contract and in case of final deal, Abadan oil refinery development plan would be implemented by Khatamolanbnia Headquarters.

The official went on to say that NIORDC had simultaneously held talks with domestic banks on the one hand and domestic and foreign companies on the other to finance oil refineries projects noting the needed funds would be provided by the same side that reaches a sooner agreement.

In connection with the development plan of the Esfehan oil refinery, Zeighani noted that the plan needs four billion dollars investment of which 600 thousands dollars had been absorbed.

Emphasizing on speeding up the development plan of the Esfehan oil refinery, NIORDC’s managing director said that from an economic view, implementation of the project is necessary noting by launching the project, fuel oil production at the refinery would reduce by 70 thousand barrels per day while output of high value added oil products such as gasoline and gas oil would be raised based on euro-4 and euro-5 specifications.

According to the Zeighami remarks, Abadan oil refinery development plan needs 3.3 billion dollars investment of which 600 million dollars had been met.Referring to seven billion dollars aggregate investment for upgrading Abadan and Isfihan oil refineries, NIORDC’s head said: regarding the high amount of financial resources to fund the two projects, NIORDC has held talks with some private companies and foreign financiers to fund the projects.

Currently ten upgrading plans are underway in Iran’s oil refineries including at Shahid Tondgouyan (Tehran), Esfehan, Lavan, Tabriz, Abadan, Bandar Abbas and Arak oil refineries.By launching these projects, the country’s production capacity of gasoline, gas oil, kerosene and liquefied natural gas would rise respectively by 40, 18.2, 7 and 5.5 million liters per day.

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