China to Finance Renovation of Iran’s Old Refinery
- January, 04, 2015 - 14:03
- Economy news
TEHRAN (Tasnim) – An Iranian official unveiled plans for a major development project at the country’s Abadan Refinery by tapping financial sources provided by Chinese credit line.
Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi said efforts are underway to secure a credit line from China to fund renovation of Iran’s oldest oil refinery.
Known as the biggest and oldest refinery in Iran, the Abadan Refinery came into service in 1912. It was seriously damaged during 8 years of the Iraqi imposed war on Iran in the 1980s.
With a capacity of 400,000 barrels per day, the Abadan Refinery now produces different products such as liquefied gas, gasoline, fuel oil, engine oil, bitumen and so on, according to the plant’s website.
Although NIORDC was formed in the 1990s, the company has actually inherited 90 years of Iran’s oil industries' experiences in the fields of refining, transfer and distribution of oil products, as well as engineering and construction of installations of oil industries.