1 May 2007 - 11:50
  • News Code: 103582

Iran will enter into joint ventures to construct three refineries abroad. Tehran and Jakarta signed a deal to develop an oil refinery on the densely-populated Java Island.

National Iranian Oil Refining and Distribution Company (NIORDC) inked the agreement with PT Elnusa, a subsidiary of Indonesian state oil and gas firm PT Pertamina, to conduct feasibility studies on the construction of the refinery. The refinery will have a capacity to refine 300,000 barrels of heavy crude per day.

Both Iran and Indonesia are members of the Organization of Petroleum Exporting Countries (OPEC).

The NIORDC is also negotiating with Singapore’s oil trader Concord Energy to build a new plant which will process and turn ’sour’ condensates (extremely light oil normally found with gas) into refined oil products like jet kerosene.

The plant--also known as a condensate splitter--will have a capacity of 75,000 barrels a day.

The company is studying the economic viability of an oil refinery project in Malaysia as well. Upon completion, the refinery will have the capacity to refine 250,000 barrels of oil per day.

Meanwhile, National Iranian Oil Company is seeking to increase investments by Iranian energy firms abroad. The company has already undertaking several oil and gas development projects overseas.

Iran’s Petropars Company signed three deals with Venezuela’s state oil company.

Formalities for the presence and operation of Petropars Oil Co. in Venezuela have been completed and a branch of the company is already operating in that country.

Petropars, in collaboration with a Venezuelan oil company, is planning to develop an oilfield in the Latin American state which is the world’s fifth largest oil exporter.

Petropars and PdVSA (Venezuela’s national oil company) had in the early 2005, signed a pre-contract on an oil project in the Gulf of Venezuela, the offshore gas field of Mariscal and another oilfield with four blocks in the region.

Petropars was also chosen as the consultant company to explore Ayacucho oilfield.

The company is also offering consultant services for developing North Paria onshore gas field in eastern Venezuela.



News Code 103582

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