China and South Korea to reconstruct Iran’s refinery in Isfahan

Sinopec (China) and an unnamed South Korean company will help reconstruct an Iranian refinery in Isfahan for $1.5 billion, Trend reports.

The refinery will increase productivity. Iran is negotiating reconstruction of other refineries, including the one in Abadan. The latter will be reconstructed for $2.6 billion, 85% of which will be paid by China. It is one of the oldest petroleum factories of Iran, producing 150,000 tons of fuel.

Iranian ex-Minister for Petroleum Rostam Ghasemi said in September 2012 that Iran will increase gasoline production by 10 million liters a day in the near future.