Azerbaijan, Baku, Nov.18/ Trend G.Mehdi/
Iranian Offshore Oil Company (IOOC) will invest $500 million in building a large oil refining facility in the Kharg Island, located in the Persian Gulf, the Mehr News Agency quoted IOOC managing director Mahmoud Zirakchianzadeh as saying on Sunday.
The facility will have the capacity to refine 200,000 barrels of oil per day, he added.
Iranian engineers will carry out all the designing, manufacturing, and commissioning operations related to the project, he noted.
The facility is projected to be built over the course of three years.
On October 14, Zirakchianzadeh said Iran has prepared oil development plans, with an estimated cost of $14 billion, related to oilfields located in the Persian Gulf.
"During the past two years, as much as $20 billion worth deals have been signed," he said, "Some $14 billion worth new deals have been prepared and will be offered to contractors," he added.
The deals are related to Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields, Zirakchianzadeh noted.
Iran has attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia.
Iran has the world's fourth-largest reserves of recoverable oil, after Venezuela, Saudi Arabia, and Canada.
With 34 trillion cubic meters of natural gas reserves, Iran has the world's second-largest natural gas reserves after Russia.