Oil: Iran embarks on refinery building frenzy

An Iranian official said Iran is constructing seven refineries across the country, according to the semi-official Fars news agency.

The country was planning to invest 27 billion U.S. dollars on the refineries, Head of National Iranian Oil Refining and Distribution Company Seyed Noureddin Shahnazizad said in a press conference.

"After the inauguration of these seven refineries, the production capacity of the country in gasoline and gas-oil will increase by 190 and 180 million litres per day respectively," Shahnazizad said, adding that the refineries would become operational in 2013, without referring to their locations.

Published by Mike Hitchen, Mike Hitchen Consulting
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