Iran Economy NewsIran minister visits China for refinery investment

Iran minister visits China for refinery investment

-

Reuters: Iran’s oil minister will travel to China on Wednesday to seek investment in new oil refineries, the oil ministry news website SHANA reported on Tuesday.

Massoud Mirkazemi TEHRAN Aug 3 (Reuters) – Iran’s oil minister will travel to China on Wednesday to seek investment in new oil refineries, the oil ministry news website SHANA reported on Tuesday.

The visit comes as new sanctions imposed over Iran’s nuclear programme take effect, squeezing its ability to import gasoline and making it increasingly difficult to get foreign investment and expertise to help increase refining capacity.

As the toughest sanctions come from the United States and Europe, Tehran has looked for investment to China, which is interested in Iran’s vast oil resources.

Minister Massoud Mirkazemi will be accompanied by the head of the state-owned National Iranian Oil Company, Ahmad Ghalebani, SHANA reported.

Iran is the world’s fifth-largest oil producer, but a lack of sufficient refining capacity forces it to import up to 40 percent of its gasoline needs.

It also needs some $25 billion of foreign investment to develop its gas and oil sector, Tehran has said. (Reporting by Hossein Jaseb; writing by Robin Pomeroy, editing by Jane Baird)

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Ahmadinejad aide returns to jail after short parole

AFP: Ali Akbar Javanfekr, a senior aide to Iranian...

Film of woman, 2 men being hanged in public in Iran

Iran Focus: London, Jul. 24 – The following is...

You might also likeRELATED
Recommended to you