Iran picks investors for 5 new refineries

Iran has selected the investors for developing five oil and gas refineries worth $11.7 billion, a report has announced.

"The investors for setting up the five refineries, namely, the Persian Gulf Star, Hormoz, Pars Petrofield, Anahita and Khuzestan refineries, have been selected and it is predicted that the investors for the Caspian and Shariar refineries will be chosen in the near future," Mehr news agency reported on Saturday.

The five refineries for which investors have been chosen are already under construction.

Moreover, Iran plans to build seven new oil and gas refineries worth $17 billion in a bid to diminish its dependence on foreign refineries.

The new oil and gas refineries will allow Iran to meet domestic demand and export oil products, as well.

The report added that Iranian officials have given priority to the construction of the Persian Gulf Star and Pars Petrofield refineries, planned to produce gasoline to meet the domestic demand.

Iran, the world's fourth largest oil producer, lacks adequate refining resources to produce sufficient gasoline for domestic demand, allocates huge sums for imports which burdens the state coffers.

Source: PressTV.
Link: http://www.presstv.ir/detail.aspx?id=120164§ionid=351020103.