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China to Fund Iran Refinery Development

Source: Shana 1/3/2015, Location: Asia

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China is to finance the development of Iran's oldest oil refinery in the southwestern city of Abadan, managing-director of National Iranian Oil Refining and Distribution Company said.

Abbas Kazemi said a detailed designing project for the refinery is currently under way, adding that construction will start after these studies are concluded.

He said that a group of Iranian engineers are following up on the project in China.The refinery is to undergo development for producing euro-5 gasoline, supplying less fuel oil as well as renovating decrepit facilities.

The project is estimated to cost 2.6 billion euros.

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