Iran launches mega refinery project

Business Materials 21 January 2021 14:36 (UTC +04:00)
Iran launches mega refinery project

BAKU, Azerbaijan, Jan.21


Iranian President has operated the $4.5 billion Persian Gulf Bidboland Gas Refinery in Khuzestan Province on Thursday.

"Today we witnessed the operation of a big refinery that cost $3.4 billion, a project that would be important for the environment and expected to have an export value of $700 million in four and half years. The government has operated 11 important petrochemical projects from the start of the current Iranian year (started March 20, 2020) and we hope to inaugurate 6 more projects," said Hassan Rouhani, Trend reports citing IRNA.

"This is one of the biggest projects in the region and the Middle East, this project was started in 2016 when we could export oil due to the Joint Comprehensive Plan of Action and invest a big part of the revenue in the National Development Fund," he added.

"The refinery would collect flare gas that previously polluted the area and then use them in petrochemicals or gas treating units that would join the general pipeline. The country should have consistent gas export and we should have proper planning to reach a proper position in the region," he noted.

Rouhani went on to say that the world needs Iran's gas and oil although there have been sanctioned for some years eventually the world and the region would be needing Iran's gas and oil. Iran could become an energy hub in the region in power and gas generation and export.

"Today Iran produces1 billion cubic meters of gas per day, although people should be cautious in gas consumption during winter. About 38 percent of oil sale revenue is paid to the National Development Fund, and 14.5 percent would be provided to the National Iranian Oil Company to develop and manage oil the remaining sum for the government is little. We hope to sell the predicted 2.3 million barrels of oil for the new Iranian year (starts March 21, 2021)," Rouhani pointed out.