19 July 2016 - 14:11
  • News Code: 265270
Isfahan Refinery, S. Korea's Daelim Ink MoU

TEHRAN, July 19 (Shana) -- Managing director of Isfahan Oil Refinery said the facility has signed a memorandum of understanding (MoU) with South Korea's Daelim Company for improving production procedures and optimizing the facility.

Lotfali Chavoshi said on Monday that the process improvement and optimization plan of the refinery will bring the facility to its golden days.

He said the MoU is an Engineering, Procurement and Construction (EPC) contract with Daelim's financing. 

The CEO added that the plan will be carried out in a 4-year period with an investment of $2b. 

In the project, Daelim will cooperate with Iranian contractors and National Iranian Oil Engineering and Construction Company will serve as the operator, he added.

Once completed, the project will reduce the refinery's crude oil feedstock by 16,000 b/d, and its fuel oil output by 10 ml/d by adopting new production technologies.

Besides the facility's petrol output will rise by 8.5ml/d which will be one of the major achievements of the plan, he added. 

Furthermore, enhanced production of LPG by 2.1 ml/d, promoted quality of products from Euro-2 to Euro-4 and 5 which would be environment friendly, more efficiency in production activities, boosted revenues of the refinery, and reduction of emissions will be other benefits of the plan, he added. 

News Code 265270

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