Iran, PRK co-op to upgrade oil refinery

Business Materials 5 August 2017 13:40 (UTC +04:00)

Baku, Azerbaijan, Aug. 5

By Emil Ilgar – Trend:

Iran’s Oil Design and Construction Company (ODCC) and South Korean SKEC signed a preliminary agreement related to the upgrade of Tabriz refinery, worth 1.6 billion euros, state-run TV IRIB reported Aug. 5.

Based on the initial information, consequent to the final agreement, the companies would establish a consortium, with the intention of purchasing new equipment, redesigning and upgrading the refinery, with the goal aimed at the decrease in final production loses from the current 20 to the expected 2 percent.

The quality of other products like gasoline, gas oil as well as the desulfurization would improve, the report added.

Korea Exim Bank would finance the project.

Capacity of the Tabriz refinery is at 110,000 barrels per day. It produces 4.1 million liters of fuel oil per day (ml/d), 3.2 ml/d of gasoline, 1 ml/d of kerosene, 6 ml/d of gas oil, 0.5 ml/d of LPG and other products, according to Oil Ministry’s official statistics.