BAKU, Azerbaijan, August 1. Iran's oil refining capacity will reach about 2.9 million barrels per day with the commissioning of ‘Morvarid Mokran’ oil refinery and ‘Shahid Ghasem Soleimani’ petrochemical refinery, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.
He made the remark at the event dedicated to the signing of memorandums of understanding on the provision of funds for the construction of the mentioned two refineries in Tehran on August 1.
Owji said that Iran's oil refining capacity is currently near 2.3 million barrels per day. According to the two memorandums signed today, the country's oil refining capacity will increase by 600,000 barrels.
The minister added that there is currently a 10-percent physical progress in the construction of Morvarid Mokran oil refinery. The refinery is planned to be put plant into operation within the next 4 years.
“At the same time, the "Shahid Ghasem Soleimani" petrochemical refinery will be launched within the next 5 years,” he noted.
Owji also pointed out that along with the mentioned two refineries, Iran has 8 more projects on oil refining.
On August 1, two memorandums of understanding were signed between Iran's Oil Ministry and several banks and companies to provide funds for the construction of two oil refineries with the overall capacity to refine 600,000 barrels of crude oil per day.
In total, $18 billion will be provided for the construction of these refineries under the signed memorandums.
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