Iran To Build Oil Refineries In India, Brazil

Posted by EM_Equity ⋅ May 10, 2015 ⋅ 1 Comment

Filed Under Brazil, BRICS, crude oil, Economy, EM, Emerging Markets, FM, Frontier Markets, India, investing, Iran, Oil, Oil Refineries, Refineries, Sanctions, Tehran

Iran has been negotiating to build oil refineries in India and Brazil, and once agreements are reached, Iran will provide the crude oil for these new refineries, Iran’s Deputy Oil Minister said, Mehr News Agency reported on Sunday.

The Iranian Deputy Oil Minister announced on Sunday that Iran and Brazil have signed a preliminary agreement to build a new refinery in Latin America.

“If a final agreement is reached between the two countries, they will build the new Latin America refinery, which is expected to be able to process 300,000 barrels per day of crude oil”, said Abbas Kazemi, Deputy Minister of Petroleum and Managing Director of the National Iranian Oil Refining and Distribution Company (NIORDC).

The crude only refinery is aimed at “securing long-term demand for Iran’s exported crude oil”, Kazemi said, adding that Tehran has also been conducting talks with an Indian company to build a refinery in India with the capacity to process 400,000 barrels of crude oil.

In April, a high-ranking Indian delegation made a trip to Tehran for talks over a new oil contract with the Islamic Republic.

India is the second biggest customer of Iran’s crude oil after China, the Tehran-based news agency reported.