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Iran to Build Oil Refinery Near Caspian Sea, Tehran Times Says

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Dec. 11 (Bloomberg) -- The Iranian Oil Ministry plans to build a refinery near the Caspian Sea that will process crude from the Sardar Jangal field, the Tehran Times reported, citing Masoud Jahdi, the explorations director of Khazar Oil Co.

The field, which is located in the Caspian Sea, has about 2 billion barrels of reserves, of which 500 million barrels is recoverable, Jahdi said, according to the Tehran-based newspaper. The crude has a density of 41 degrees on the American Petroleum Institute scale, he said. “The refinery will meet demands of highly populated areas in northern Iran,” Jahdi said, according to the paper.

To contact the reporter on this story: Yeganeh Salehi in Tehran at yalehi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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