India invests $3 bln to oil refinery in Iran

We will consider increasing imports of Iranian oil, which however will only be possible when the sanctions are lifted since they are still present”.

Woo Tae-hee, deputy minister for trade, who was part of a recent South Korean delegation to Iran seeking possible deals in the oil, gas and construction sectors noted there had been a sharp fall in imports of Iranian oil since the sanctions were imposed.

The African official voiced her country’s preparedness to resume importing crude from Iran once the anti-Iran sanctions are terminated under a lasting nuclear deal between Tehran and six world powers.

Indian Prime Minister Narendra Modi’s government is eyeing energy and infrastructure investments totalling billions of dollars in Iran, including upstream gas production and port developments.

“South Africa also wants to diversify its energy resources and in line with this objective we are interested to import LNG from Iran”. The technology for producing LNG is easier and it involves cooling natural gas into liquid for easier transportation.

“South Africa plans to increase its crude oil refining capacity from current level of 300,000 barrels per day to 700,000 b/d”.

Iran and South Africa have a long association, she underlined, adding that the 6th meeting of Iran and South Africa Joint Political Commission can further develop the collaboration between the two countries.

Economic and financial restrictions on Iran, once the second-biggest producer in the Organisation of Petroleum Exporting Countries, left it in need of outside money and expertise to rejuvenate its flagging hydrocarbon industry.

Iran expects to finalise the wording for a new model for global oil contracts in the next three weeks, the oil minister said on Monday, as Tehran seeks to boost recovery from its fields with the help of foreign companies.

https://www.jewocity.com/blog/india-invests-3-bln-to-oil-refinery-in-iran/48195