Iran Targets New Investments in Refineries Abroad

Iran is negotiating to buy shares in oil refineries in Europe, Latin America and Asia, its deputy oil minister was quoted this week as saying by Iran’s Mehr news agency.

Abbas Kazemi, who is also head of the National Iranian Oil Refining and Distribution Company (NIORDC), said:

“Buying the oil refineries or their shares abroad is the policy of Iran after the lifting of sanctions.”

Meanwhile, India‘s Essar Oil has denied a claim by Kazemi that Iran was in discussions to buy a stake in the company; a spokesman told Reuters that the company has signed a non-binding term sheet with Russian refiner Rosneft for exclusive negotiations in relation to sale of Essar Oil shares.

Kazemi said the National Iranian Oil Company (NIOC) was willing to invest in plants to refine Iran’s crude oil, since that would be more economical for the country.

(Source: Hydrocarbon Processing)

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