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Article: IRAN: Joint venture construction plans for proposed $2,666,000,000 euro oil refinery upgrade project, CHINA PETROLEUM & CHEMICAL CORP. (SINOPEC), OIL DESING & CONSTRUCTION CO. & IRAN SAZEH ENGINEERING CONSULTANCY [Iran] Order #: 106106.
- Article from:
- WWP-Business Opportunities in Africa & the Middle East
- Article date:
- October 1, 2006
CopyrightCOPYRIGHT 2006 Worldwide Projects, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PROJECT OVERVIEW
Just over a week ago, Iran's gasoline consumption hit an all-time record of 76 million liters per day (l/d), putting enormous pressure on the government to reduce its subsidies on consumer prices. Iranian refineries, for that matter, currently produce around 40 million l/d of gasoline. The balance is imported from countries in and outside the region thus making Iran one of the biggest buyers of gasoline in the world.
As a result, the MINISTRY OF OIL recently called for global partners to help build and also upgrade Iranian refineries in order to enable processing its heavy sour crude oil. As a result a Sino/Iranian joint venture was ...