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Legal Matters

Foreigners to invest $1.5 billion in Tabriz refinery

Tabriz, Managing director of Tabriz Oil Refining Company said that his company is negotiating with Chinese and Russian companies for a $1.5 billion investment in the refinery.

Gholamreza Bagheri Dizaj said in an interview with reporters on Sunday that this investment will be carried out in order to improve the quality and quantity of the manufactured products of the Tabriz refinery.

Referring to the projects under implementation, he noted, 'The project for the desalination of gas oil with the goal of converting the total production of gas oil to Euro 4, with a value of 48.61 million Euros and 885.88 billion Rials, is underway.'

The Group 1 and Group 2 oil production project was implemented at the unit of desalting of old gas oil with a value of 40 billion Rials for the purpose of producing high value added refinery products that are being produced by the pilot, Bagheri continued.

He said the most important achievements of the company in last year were the processing of crude oil by 3.8% more than the plan, the change of the old diesel fuel purification unit for the production of base oil, the change of the use of old unused gasoline unit to the light naphtha isomerisation unit without the need to build a new unit of reduction waste, a 7% reduction in the energy index.

Adding that Tabriz refinery is in the fourth place of refineries in the country in terms of capacity, Bagheri said the share of the refinery in supplying the country's needs is seven percent, but due to its neighboring countries, it has a special status.

Referring to US pull out of Joint Comprehensive Plan of Action(JCPOA), he underlined that the US sanctions could slow down some activities, but it would not be a problem with proper management and the necessary measures to supply the equipment at the time of the sanctions were thought.

Source: Islamic Republic News Agency - IRNA

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