Iran in Talks to Buy Refineries in 6 Countries

hamid sharif razi

National Iranian Oil Engineering and Construction Company (NIOEC) said it has started talks with 6 countries for buying and constructing refineries.

Hamid Sharif Razi, managing director of NIOEC, said the company is in talks with Malaysia, Indonesia, South Africa, Sierra Leone, Brazil and India for buying stakes of refineries or joining their construction.

He said NIOEC holds 30% stakes in a refinery project in Malaysia with the production capacity of 250,000 b/d, adding the company is planning to hold 40% stakes of a 300,000 b refinery in Indonesia as well.

He said the aim of these partnerships is securing Iran’s oil sale and purchasing their products if needed.
This is a policy long pursued by major producers of crude oil like Saudi Arabia.