Kuala Lumpur: Iran plans to tie up with Asian companies to build five refineries in the region as part of its efforts to boost energy cooperation, Iran's oil minister said yesterday.
With China and India expected to become giant oil consumers in the next 20 years, the focus in the oil market has shifted from the west to Asia, said Iranian oil minister Kazem Vaziri Hamaneh.
Iran is finalising five Asian joint-venture refinery projects in China, Indonesia, Malaysia, Singapore as well as Syria, he said. Together, they would have a total capacity of 1.1 million barrels a day, he told reporters on the sidelines of an oil-and-gas conference here.
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"We are supposed to be the partner in these refineries and also to provide the crude oil for those refineries," he said. He didn't give details on the investment involved nor say when the projects will come on stream.
The projects, which will be undertaken by the National Iranian Refining and Distribution Co., mark Iran's efforts to expand in Asia, which currently accounts for about 40 per cent of Iran's exports, said oil ministry official Javad Yarjani.
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