Iran, South Korea Ink $2b Oil Deal

Iran, South Korea Ink $2b Oil Deal

Iranian Isfahan oil refinery has inked a memorandum of understanding (MoU) with South Korean Daelim company to enhance production procedures and optimize the facility, reported The Iran Project. Managing Director of Isfahan Oil Refinery, Lotfali Chavoshi, said that the plan will be implemented in a four-year period with an investment of $2b, affirming that the joint deal will bring the facility to its golden days.

By adopting new production technologies, the project is expected to reduce the refinery’s crude oil feedstock by 16,000b/d, and its fuel oil output by 10mb/d. According to Iran Business News, the facility’s output will rise by 8.5mb/d, and the enhanced production of LPG will boost by 2.1mb/d.

In May, National Iranian Oil Company (NIOC) and the Korea Gas Corporation (KOGAS) have inked deals to study the development of the Balal offshore gas field. In addition, NIOC and KOGAS signed an agreement for KOGAS to purchase future Iranian liquefied natural gas (LNG) exports.


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