Iran, S. Korea to build petro-refinery

Iran and South Korea are to cooperate in petro-refinery establishment.

A member of the Board of Directors of Iran's Masjed Soleiman Petrochemical Company, Ali Seifiyan says his company is to sign a contract with a consortium, comprising Korean companies, for financing and construction of a petro-refinery.
Seifiyan said intensive talks are underway with well-credited German, Chinese and Korean companies for development of Zilaie Energy Zone in Masjed Soleiman, which is the second petrochemical hub in Khouzestan Province, southwestern Iran.

He said talks with the well-credited Korean companies focus on financing and construction of a petro-refinery as well as the downstream units and peripheral facilities.

He added that the petro-refinery will be set up beside the phase 1 of Masjed Soleiman petrochemical project, whose construction has shown favorable progress.

The official said at least 1.5 billion dollar investment is needed for development of the units.

He said the agreement with the Korean company is finalized and its official inking will follow receipt of necessary licenses for financing by the Korean company and the government of the country.
EA