Iran’s state refiner NIORDC on 6 February began preparatory work for a $2.7bn upgrade of the aging Abadan refinery in the country’s southwestern oil heartland which will reduce fuel oil output while raising gasoline and gasoil production.
Iran aims to hike its crude and condensate processing from the current 1.86mn b/d (from nine plants – see map) to 3mn b/d during the 2016-21 term of its sixth five-year development plan. With cash tight to carry through this ambitious program, deep-pocketed Asian state banks and credit agencies are proving key. (CONTINUED - 773 WORDS)
