BAKU, Azerbaijan, Feb. 11
By Elnur Baghishov - Trend:
Iran's Petroleum Ministry and Industry, Mine and Trade Ministry have concluded an agreement on the production of sponge coke, that derives from oil refining, at Bandar Abbas and Shazand oil refineries, Trend reports via Shana News Agency.
The Chief Executive of the National Iranian Oil Refining and Distribution Company (NIORDC) Alireza Sadeghabadi and Chairman of Iranian Mines and Mining Industries Development and Renovation (IMIDRO) Khodadad Gharibpour signed the document.
Iran's Petroleum Minister Bijan Namdar Zangeneh and Industry, Mining and Trade Minister Reza Rahmani attended the signing event.
Iran's Research Institute of Petroleum Industry and IMIDRO had signed a draft agreement on the sponge coke production in 2013 and the commercial production started on Feb.10, 2020.
Sponge coke is used in steel industry and the US has imposed sanctions on the sales of this product to Iran, and some problems of Iran's steel industry will be eliminated upon the launch of sponge coke production, the ministry's report read.
The ministry noted that sponge coke is among the most valuable processed products - sponge coke can be made from $25 worth raw material and cost $6,000.
The US imposed sanctions on Iran in November 2018. The US expanded the list of sanctions in several stages and affected Iran's oil exports, over 700 banks, companies and individuals.