Eight western European companies eye investment in Iran refinery | GulfNews.com

Eight western European companies eye investment in Iran refinery | GulfNews.com:



"Eight western European companies are keen to invest in Iran’s $2.8 billion (Dh10.3 billion) Siraf oil refinery project, an Iranian official said on Monday, as the country ramps up capacity to reduce is dependence on imports.



Iran — Opec’s fifth-largest crude producer — has huge oil and gas reserves but lacks refining capacity, leaving it heavily reliant on imports. Western sanctions imposed on the Islamic Republic over its disputed nuclear programme have also deprived the country of industry technology.



“This project has been designed for the current situation,” Alireza Sadeghabadi, managing-director of Siraf Refineries Infrastructure Co., said, referring to Iran’s self-sufficiency drive."



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