Tuesday, 01 Dec 2009
Reuters reported that China's Sinopec has signed a tentative deal to provide financing of USD 6.5 billion for the construction and development of oil refineries in Iran.
As per report, the final agreement between Sinopec and National Iranian Oil Refining and Distribution Company was expected to be signed within 2 months.
Mehr News Agency said that "National Iranian Oil Refining and Distribution Company and China's Sinopec have signed MoU on the provision of USD 6.5 billion in finance for development projects in the country's oil refineries.” It said that technical experts from the 2 companies were studying the deal and how to implement it. It is expected that the formal contract will be signed in the next 2 months.
Chinese top refiner Sinopec had earlier agreed to import 150,000 barrels per day to 160,000 barrels per day of Iranian crude this year, unchanged from 2008.
Mehr listed seven new oil refinery projects in Iran and said that they needed USD 23 billion in investments to build or complete them. By completing or building these 7 new oil refineries, the country's total oil refining capacity will reach 3.2 million barrels per day from the current 1.67 million.
Analysts said that Iran badly needs foreign investment and technology to help develop its energy riches. Western firms have become increasingly wary of investing in Iran, which is under UN and other sanctions because of a dispute over its nuclear energy program.
Tehran denies US claims that the program is aimed at developing nuclear bombs. But Iran is still drawing interest from Indian, Chinese and other Asian companies.
(Sourced from Reuters)
Reuters reported that China's Sinopec has signed a tentative deal to provide financing of USD 6.5 billion for the construction and development of oil refineries in Iran.
As per report, the final agreement between Sinopec and National Iranian Oil Refining and Distribution Company was expected to be signed within 2 months.
Mehr News Agency said that "National Iranian Oil Refining and Distribution Company and China's Sinopec have signed MoU on the provision of USD 6.5 billion in finance for development projects in the country's oil refineries.” It said that technical experts from the 2 companies were studying the deal and how to implement it. It is expected that the formal contract will be signed in the next 2 months.
Chinese top refiner Sinopec had earlier agreed to import 150,000 barrels per day to 160,000 barrels per day of Iranian crude this year, unchanged from 2008.
Mehr listed seven new oil refinery projects in Iran and said that they needed USD 23 billion in investments to build or complete them. By completing or building these 7 new oil refineries, the country's total oil refining capacity will reach 3.2 million barrels per day from the current 1.67 million.
Analysts said that Iran badly needs foreign investment and technology to help develop its energy riches. Western firms have become increasingly wary of investing in Iran, which is under UN and other sanctions because of a dispute over its nuclear energy program.
Tehran denies US claims that the program is aimed at developing nuclear bombs. But Iran is still drawing interest from Indian, Chinese and other Asian companies.
(Sourced from Reuters)
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Source: http://steelguru.com/news/index/2009/12/01/MTIyOTU1/Sinopec_inks_a_tentative_deal_for_oil_refineries_in_Iran.html
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