9 December 2013 - 11:50
  • News Code: 210332
IOTC, RIPI Strike Research Deal

TEHRAN Dec 09 (Shana): Iran Oil Terminals Company (IOTC) and Research Institute of Petroleum Industry (RIPI) have signed an agreement for a research project on developing a crude oil blending system.

This system is aimed at diversifying crude oil mix in Iran in view of more effective presence in international markets.

Mehdi Hassani, research director of IOTC, said the project design is to take 18 months.

“IOTC feels obliged to catch up with the state-of-the-art technologies and it has formulated comprehensive plans to that effect,” he said.

The system would blend crude oil at the pace of 65,000 barrels per hour, resulting in 2.5 dollars in profitability for each barrel.

This is the first time such a system is being used in Iran. Experts say this system would boost Iran’s bargaining power in international oil markets.

News Code 210332

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