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

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Must read

Iran deputy foreign minister resigns amid pressure

AP: Iran's newly appointed deputy foreign minister has resigned...

Iran: Tehran students protest against paramilitary forces

Iran Focus: Tehran, Jun. 03 – “Artillery, Tanks, Machine...

You might also likeRELATED
Recommended to you