Iran to build five refineries in Asia

By Xinhua

Kuala Lumpur : Iran is finalizing details on five proposed refinery projects in Asia, with a total capacity of 1.1 million barrels per day (bpd), Iranian Petroleum Minister Seyed Kazem Vaziri Hamaneh has said.

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The refineries would be built in China, Malaysia, Singapore, and Indonesia, the New Strait Times reported Tuesday, quoting the minister.

Some of the project details have been finalized, while others are still being discussed, Seyed Kazem said.

"There is no specific timetable," he told journalists after delivering a keynote address on the political and economic scenario facing the energy industry at the 12th Annual Asia Oil and Gas Conference in Kuala Lumpur.

The partnerships are "to bring to the Asian countries the synergy for mutual relationships as we provide them with the crude oil", he said.

Earlier in his keynote address, Seyed Kazem called on oil-consuming countries from Europe and Asia to invest in Iran's energy sector.

"With 136 billion barrels of reserves and 28.2 trillion cubic meters of natural gas, we are the second largest world producer and capable of playing an important role in the world energy industry," he said.

He added that Iran's oil production is expected to reach 5.3 million bpd.

"We aim to maintain our position in the international energy market and play a greater role in ensuring supply," he said, adding that Iran will need $93 billion dollars foreign investment "as we cannot meet this on our own".

Iran currently has a refining capacity of 1.65 million bpd and will grow to 2.9 million in five years. This will require an estimated investment of $12 billion, he said.