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Iran, Indonesia ink deal on LPG purchase

Business Materials 30 May 2016 14:57 (UTC +04:00)

Baku, Azerbaijan, May 30

By Khalid Kazimov - Trend:

Iran and Indonesia have signed an agreement on the purchase of 80,000 tons of liquefied petroleum gas (LPG).

Indonesia's Energy Minister Sudirman Said and his Iranian counterpart Bijan Namdar Zanganeh signed the contract on exporting 80,000 tons of Iran's LPG to Indonesia May 30 in Tehran, SHANA news agency reported.

Under the terms of the deal, Iranian Oil Ministry is expected to increase the volume of the exported LPG to Indonesia to 500,000 tons within the next year.

Zanganeh further called on Indonesian companies to cooperate with Iran in the various sectors of oil industry.

Previously, Press TV reported that Indonesia is building four refineries, each with capacities ranging between 300,000 barrels per day (bpd) and 350,000 bpd, to cut its dependency on oil product imports.

Indonesia currently imports 800,000 to 900,000 barrels per day of crude oil but its officials have said there is potential to go beyond this level.

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