BAKU, Azerbaijan, May 6. The construction of an oil refinery in Iran’s Khuzestan Province in the south-west of the country will start in the near future, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Refining and Distribution Company (NIORDC) Jalil Salari told Shana News Agency, Trend reports.
According to him, the mentioned oil refinery will be built at the expense of foreign investment.
Salari noted that NIORDC will handle 20 percent of the expenses, while the remaining 80 percent will fall on foreign investors.
The deputy minister added that the oil refining capacity of this refinery will be 180,000 barrels per day. Meanwhile, the plant's oil will be supplied through the Azadegan oil field.
During the period of the previous government in Iran (August 3, 2017 through August 3, 2021), the studying of project on the construction of the mentioned plant in Khuzestan Province was suspended.
However, it was decided to build this refinery during the current government (since August 2021). The area for the construction of the plant has already been allocated and the necessary license has been obtained from the Iranian Department of Environment.
Currently, Iran's oil and gas condensate refining capacity is over 2 million barrels per day.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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