Iran to invest in oil refinery in Spain

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Deputy Petroleum Minister and Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi said on Saturday that Iran is to invest in construction of an oil refinery in Spain with the capacity of refining 200,000 barrels of oil per day.

Kazemi told IRNA that the project will guarantee Iran’s oil sale to the country.
He said Iran plans to contribute to oil refining projects abroad, adding that Spanish companies have offered a series of proposals for establishment of refinery in the country, using Iranian crude oil.
He went on to say that the refinery will run with the capacity of refining 200,000 barrels of oil per day, totally using Iranian crude oil.
Kazemi said investment in the refinery will be on equal basis: 50 percent of the cost will be endured by Iran and the remaining half by Spanish companies.
‘Of course, talks are underway and have not yet been finalized,’ he added.
He said Iran’s goal in contributing to establishment of refinery in Spain and other countries is guaranteeing lasting security of oil sales and exports.
Earlier, Managing Director of the NIORDC had told IRNA that to raise export of crude, Iran should create demand for it so that long-term sale of the product will be guaranteed.
‘The most customary and safest way to increase the exports is investment in refineries abroad. On this basis, the petroleum ministry wants to invest in refineries abroad, whose crude oil will be met by Iran.’
As for the claim that purchase of refinery abroad will not be economical, he said refinery purchase abroad, which will lead to Iran’s crude oil sale, will be right. ‘Also the profit of new refineries is high.’
Hence, he added, Iran has held talks with certain European, Asian and Central American states for refinery purchase.
After sanctions, Iran plans to guarantee long-term and safe crude sale and avoid other powers’ pressures, following the plan for purchase and establishment of refinery abroad.
Purchase of refinery, petrochemical facilities and gas stations abroad will be the suitable solution to ease international pressure on Iranian oil industry.

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