China to invest in Iran's refineries
Iran and China are close to sign a 7-billion-dollar deal to cooperate in the development projects of two oil refineries in the Islamic Republic, Press TV reported.
The refineries in the southwestern Iranian city of Abadan and the central city of Isfahan are planned to produce 30 million liters of gasoline and diesel per day, Mehr news agency reported Saturday.
The executive operations for the project to expand Abadan oil refinery will start as soon as the contract is signed, but the studies for the Isfahan oil refinery project have not finished yet.
Some $4.1 billion is needed for expanding Isfahan oil refinery and over $2.8 billion is necessary for Abadan oil refinery. Over $850 million has been invested in the two undertakings.
Upon the implementation of all the projects, a total of 40 million liters of gasoline and 18 million liters of diesel will be added to the country's production capacity.
Currently, executive operations are underway for the optimization and expansion of gasoline production in 10 Iranian refineries with an investment of over $13 billion.
China Petroleum and Chemical Corporation (SINOPEC) is currently working in the project for the expansion of Imam Khomeini oil refinery. The first phase of the project has recently gone on stream.