Iran to build refinery, oil depots in Sierra Leone

Business Materials 7 December 2015 15:27 (UTC +04:00)

Baku, Azerbaijan, Dec. 7

By Umid Niayesh- Trend:

Iran is negotiating with Sierra Leone to build refinery and oil storage depots in the African country, Aliasgar Sajedi, director of the National Iranian Oil Engineering Company (NIOEC) said.

Negotiations are almost finalized, Sajedi said, adding that at the first stage, Iran will build oil storage depots in Sierra Leone.

It is planed that Tehran also to construct a refinery in the country at the next stage, the Iranian official said, Fars news agency reported Dec. 7.

The Islamic Republic has held several talks with some European, US, Asian and African countries to build and purchase refineries, Sajedi said.

It is planed that the constructed refineries to be conformed to Iranian crude oil specifications, in order to refine Iran's oil.

Iran also plans to buy share of refineries abroad to safeguard its crude oil export, Sajedi said, adding so far various negotiations were held with Brazil, South Africa, Indonesia, Malaysia and India on the issue.

Both sides will benefit from the cooperation as the target countries will guarantee their energy security and Iran would ensure its access to oil markets for a long period.

The Islamic Republic's Deputy Oil Minister Abbas Kazemi earlier said that Iran follows the idea of constructing refineries abroad.

Constructing refineries abroad with participation of international investors will safeguard Iran 's oil export for a long period of at least 20-25 years, he underlined.

Tehran can count on stable consumers for decades by building refineries in foreign countries, Kazemi said.

By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.

Iran's current oil production is estimated to be around 2.8 million barrels per day of which about one million barrels are exported.