Iran signs US$300m deal for refinery in S'pore
(TEHERAN) Iran signed an agreement on Monday for the construction of a US$300 million refinery in Singapore, Iranian Deputy Oil Minister Mohammad Reza Nematzadeh said at an oil and gas conference here yesterday.
Iran will hold a 30 per cent stake in the refinery whose capacity will reach 75,000 barrels per day (bpd), Mr Nematzadeh said. Iran is already supplying Singapore with condensates from its South Pars natural-gas field in the Persian Gulf, the deputy minister said in an interview at the conference.
'Because we are exporting anyhow, we can also invest in downstream,' Mr Nematzadeh said.
'We can participate in the value-added of this product,' he added.
In May, Iran signed a preliminary agreement with Indonesia to build a US$5 billion, 300,000 bpd oil refinery in Java. It is also negotiating a US$3 billion refinery project with Malaysia, and it is holding talks with China over another 300,000 bpd refinery. - Bloomberg
