National Iranian Oil Products Distribution Company (NIOPDC) and a Chinese consortium signed an agreement on Saturday to expand the capacity of Abadan and Persian Gulf Star oil refineries.
The agreement, worth 2 to 3 billion dollars, requires the Chinese consortium to start a partnership with NIOPDC and invest in the projects, the Mehr News Agency reported.
According to the agreement, a new refinery line with a capacity of refining of about 210 thousand barrels a day will be built and its maximum capacity will eventually reach 360 thousand barrels a day.
Maximizing the gasoline production, manufacturing products that can meet the European standard of 2009, reducing environmental contaminants and supplying downstream industries are among the aims of the project.
The plan is scheduled to be completed within 3 years, the report added.