Work to begin on Iran's first private, Chinese-financed petrochemical refinery
Azerbaijan, Baku, Aug. 11 / Trend M. Moezzi /
Construction of Iran's first private petrochemical refinery financed by China will begin in three months.
The Chinese and European partners in the project will provide 85 percent of its financing and Iranians will fund the remaining 15 percent, the Iranian Students' News Agency (ISNA) quoted Gholam Ali Sartaj, Meymeh Petro-Refinery's managing director, as saying.
The refinery's technical specifications will be provided by European countries, not the Chinese.
Sartaj emphasized that work on the oil refinery hasn't stopped and is simply moving forward slowly because the project is too large.
Building the oil refinery has been broken down into three phases and phase one is expected to take two years to complete.
The foreign financing needed for the Meymeh Oil Refinery project is four billion euros, and $367 million in funding will come from banks, Sartaj said.
Iranian contractors will work on the non-sensitive and construction parts of the project.
Work on the Meymeh Oil Refinery officially began in 2008.
The Northern Isfahan Oil Refinery Complex will include two units for processing aromatics and olefin in addition to seven downstream chemical units. When finished, the Meymeh Oil Refinery's products will include, butane, super grade petrol, regular petrol, kerosene and diesel fuel.
The oil refinery is 95 kilometers northwest of the city of Isfahan. The site was chosen because it is close to Iran's national gas and oil pipelines.