Iran to build 5 refineries across Asia
Iran on Monday announced it will help build five new refineries across Asia including China with a total capacity of 1.1 million barrels per day in a bid to bolster ties in the region.
By Agencies |
KUALA LUMPUR: Oil-rich Iran on Monday announced it will help build five new refineries across Asia including China with a total capacity of 1.1 million barrels per day in a bid to bolster ties in the region. "Iran has finalised feasibility studies for five refining projects in five Asian countries with a total capacity of 1.1 million barrels per day," Seyed Kazam Vaziri Hamaneh, Iran's petroleum minister said.
Seyed Kazam said the projects were part of Iran's attempt to boost cooperation with Asian countries, adding that his nation would provide the crude oil. "Those are some of the cooperation opportunities which I hope will be supported by Asian countries," the minister told some 1,255 delegates at the two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming 20 years," he said. He later told reporters that refineries would be built in China, Singapore, Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or the costs of the project. "We are supposed to be partners in the refineries and also try to provide the crude oil for those refineries.
The aim is to bring Asian countries together and to provide crude oil for mutual benefit," he said. The minister also proposed the creation of an Asian energy market comprising major suppliers and consumers such as Japan, China, India and South Korea. Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian consumers could bring about "mutual benefit" as Asian countries could invest in upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the Organisation of Petroleum Exporting Countries. It is also the world's second largest owner of oil and gas reserves. He also made a pitch to investors, saying Iran would need 93 billion dollars in foreign investments and more than 43 billion dollars in domestic resources by 2014 to boost oil and gas output.
Iranian oil production is expected to reach 5.3 million barrels daily by 2014 from its current level of 4.3 million barrels per day. "The country (Iran) cannot meet that level of investment and technology needs on its on," he said.
Despite United Nations Security Council sanctions on Iran over its refusal to suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran would be able to raise foreign funds. "No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said Monday it will invest in the construction of an oil refinery in northern Malaysia, part of an ambitious pipeline project to transport Middle East oil to East Asian countries. Ghanimi Fard, executive director for international affairs with the National Iranian Oil Company, said initial discussions were moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he told reporters at the sidelines of the gathering. "Crude oil is going to be supplied by the National Iranian Oil Company," said Fard in the first official confirmation of Iran's participation in the ambitious project.
Seyed Kazam said the projects were part of Iran's attempt to boost cooperation with Asian countries, adding that his nation would provide the crude oil. "Those are some of the cooperation opportunities which I hope will be supported by Asian countries," the minister told some 1,255 delegates at the two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming 20 years," he said. He later told reporters that refineries would be built in China, Singapore, Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or the costs of the project. "We are supposed to be partners in the refineries and also try to provide the crude oil for those refineries.
The aim is to bring Asian countries together and to provide crude oil for mutual benefit," he said. The minister also proposed the creation of an Asian energy market comprising major suppliers and consumers such as Japan, China, India and South Korea. Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian consumers could bring about "mutual benefit" as Asian countries could invest in upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the Organisation of Petroleum Exporting Countries. It is also the world's second largest owner of oil and gas reserves. He also made a pitch to investors, saying Iran would need 93 billion dollars in foreign investments and more than 43 billion dollars in domestic resources by 2014 to boost oil and gas output.
Iranian oil production is expected to reach 5.3 million barrels daily by 2014 from its current level of 4.3 million barrels per day. "The country (Iran) cannot meet that level of investment and technology needs on its on," he said.
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Despite United Nations Security Council sanctions on Iran over its refusal to suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran would be able to raise foreign funds. "No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said Monday it will invest in the construction of an oil refinery in northern Malaysia, part of an ambitious pipeline project to transport Middle East oil to East Asian countries. Ghanimi Fard, executive director for international affairs with the National Iranian Oil Company, said initial discussions were moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he told reporters at the sidelines of the gathering. "Crude oil is going to be supplied by the National Iranian Oil Company," said Fard in the first official confirmation of Iran's participation in the ambitious project.
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