Iran Targets Asia With $2.8 Billion Siraf Refinery Project

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Iran is targeting Asia’s growing demand for refined oil products with a $2.8 billion project to add 480,000 barrels a day of processing capacity at the Siraf refinery on the Persian Gulf coast.

OPEC’s fifth-biggest crude producer plans to process condensate, a light oil extracted along with natural gas, into exportable products at the new refining units, Ali-Reza Sadegh-Abadi, managing director of Siraf Refineries Infrastructure Co., said in an interview in Tehran. The project is to be completed in three years, he said.