Iran signed a memorandum of understanding with South Korea’s Daelim Company to improve and optimize the Isfahan Refinery, which puts an actual end to Iran's long-delayed $2.5 billion contract with Chinese financers in this project.
The plan to optimize the Isfahan Refinery will be carried out in a four-year period with an investment of $2 billion, Managing Director of Isfahan Oil Refinery Lotfali Chavoshi.
“Daelim will cooperate with Iranian contractors, and National Iranian Oil Engineering and Construction Company will serve as an operator,” he added.
Once completed, the project will raise the refinery’s crude oil feedstock by 16,000 barrels per day, and increase its fuel oil output by 10 million liters per day by adopting new production technologies.
The facility's oil output will rise by 8.5 million liters per day, which will be one of the major achievements of the plan, Mehr reported.
Earlier, Iran canceled a contract with China’s CNPC to develop Yadavaran oil field after long delays.
Mehr reported July 20 that Iran and China has another contract to finance a $1.3-billion project aimed at optimizing the Abadan refinery, which has also faced a long delay.
World media monitoring