Iran to seek investors for US$3 bln refinery and naphtha cracker

09-Jun-16

Iran will seek international investors for a US$3 bln refinery project in the country’s south. The refining complex on Iran’s Persian Gulf coast will seek to raise as much as 80% of the capital needed from international partners or financiers, Alireza Sadeghabadi, managing director of Siraf Refineries Infrastructure Co., said in an interview. Siraf will issue a tender in two to three months to invite potential investors and partners, with companies and lenders in Japan and South, as per Bloomberg. Siraf will produce naphtha from condensate. The Siraf project will consist of eight plants, each with a capacity of 60,000 bpd of condensate. The refineries will start in about three years, before reaching full capacity in four years. The plants will target Asia’s growing demand for refined oil products and will seek to supply chemical producers in South Korea and Japan.