20 February 2016 - 09:44
  • News Code: 255423
Iran Will not Wait for Chinese to Finance Refining Project: CEO

TEHRAN, Feb. 20 (Shana) – Managing director of the National Iranian Oil Engineering and Construction Company (NIOEC ) said that Chinese firms have been told that if they delay financing the refining projects, Iran will not wait for them and will find other partners.

Speaking to Shana regarding China’s financing of the Abadan Refinery development project, Hamid Sharif Razi said the 2.9 billion dollar credit line has been gradually squeezed to 1.1 billion dollars for implementation of the first phase.

“The refinery’s two-phase development project has the objective of reducing the fuel oil and increasing the quality of the gas oil,” he added.

“The foreign financing in refining projects usually takes one to two years. Entering negotiations with other firms will make it longer,” said the CEO.

“Firms from South Korea have set forth proposals for financing similar projects,” Razi added.

News Code 255423

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