TEHRAN (Iran News) – Iranian Oil Minister Bijan Namdar Zanganeh said modification and improvement of the country’s refineries needs $10 billion of investment. The minister made the remarks in an open session of Parliament on Monday, answering a question about supplying low-sulfur fuel for Iranian vessels, IRNA reported. The International Maritime Organization (IMO) introduced new […]
TEHRAN (Iran News) – Iranian Oil Minister Bijan Namdar Zanganeh said modification and improvement of the country’s refineries needs $10 billion of investment.
The minister made the remarks in an open session of Parliament on Monday, answering a question about supplying low-sulfur fuel for Iranian vessels, IRNA reported.
The International Maritime Organization (IMO) introduced new regulations to reduce air pollution resulting from the use of high-sulfur fuels by vessels.
Based on the new regulations, sulfur will be cut drastically from global shipping transport fuels in 2020.
As of January 1, 2020, ships have been allowed to use only fuel oil with very low sulfur content, under rules by the International Maritime Organization. This cut in sulfur content has been more than a decade in the planning, and almost all shipping around the world is expected to comply, or face penalties.
However, the minister said that the plan for modification of refineries so that they can produce low-sulfur fuel is currently underway in the Abadan Refinery, in southwestern Iran, the plan was halted in the Isfahan Refinery.
In July, Iran said it is ready to invest in the expansion of a South Indian refinery, an Iranian official said in New Delhi.
“We have announced our readiness for that (to invest in the refinery),” said Ali Chegeni, Iran’s ambassador to India, Reuters reported.
- source : Iran Daily, Irannews
