Iran outlines plans to build refineries for crude oil, gas condensate
BAKU, Azerbaijan, September 9
By Elnur Baghishov – Trend:
A total of 20 plans can be implemented in Iran with an investment of $35 billion related to refining of crude oil and gas condensate, Trend reports citing Shana news agency.
This was reflected in a letter from Iranian Oil Minister Bijan Zanganeh to the Iranian parliament's energy committee.
The minister stressed that some researches have been conducted in connection with the construction of 8 refineries.
According to the research, 1.22 million barrels of crude oil per day will be processed at 5 refineries, and an estimate of 240,000 barrels of gas condensate per day will be processed at the remaining 3 refineries.
The minister noted that in total, $28.1 billion will be spent on the construction of these refineries.
"In addition, it is planned to implement 12 plans to increase the quantity and quality of products processed at the existing refineries," he said.
Zanganeh added that it is forecasted that $6.77 billion will be spent on the implementation of these plans.
Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country hydrocarbon reserves are recoverable, while 71 percent remain underground.