TEHRAN (Iran News) –Oil Minister Javad Owji said the 13th administration has initiated sizable movements in the country’s refining industry including quality improvement in Abadan Refinery and all the refineries across the country.
According to ICANA, Owji spoke about the quality improvement of the Iranian refineries: “Fortunately, good things have happened regarding the quality improvement of the refineries in the 13th administration to the point that the quality improvement of the Isfahan Refinery has reached the operational stage and we will soon put this project into operation in the presence of the President so that 15 million liters per day of Euro5 gasoil will be added to the country’s diesel production capacity.”
Regarding the country’s need to invest in the oil and gas sector, he added: “To date, we have signed nearly $100 billion worth of MoUs and contracts in the upstream and downstream sectors of oil and gas for domestic and foreign investment, of which $20 billion are contracts, although according to estimates, we need nearly $250 billion of investment.”
The Oil Minister said: “Although some of these investments were made by foreign companies, we also tap the capacity of domestic companies and banks. For example, 7 domestic banks have joined the development of the massive Azadegan field and we have invited domestic economic heavyweights to join us in the project, too.”
Meanwhile the installed capacity of Persian Gulf Petrochemical Industries Company (PGPIC) is planned to hit 46 million tons per year by 2026 from currently 28 mt/y, an official with the holding says.
Hassan Neshanzadeh Moghadam, PGPIC’s director of planning and business development, said on Sunday that PGPIC’s strategy under the new leadership is to reach Germany’s BASF, which is achievable due to the existence of huge feedstock resources and knowledge-based companies in Iran.
Pointing out that Iranian knowledge-based companies are more than a century away from large European companies, he noted that each of them is, nevertheless, competitive in their field.