NIOEC Needs $3.3b to Develop Refinery Industry

Managing Director of the National Iranian Oil Engineering and Construction Company (NIOEC) Hamid Sharif Razi said that the firm is in need of investment to the tune of 3.3 billion dollars to carry out the under construction refinery projects.

He told Shana that completion and launching of unfinished projects top NIOEC’s agenda and that to overcome the financial challenges, domestic resources such as banks and local investors will be employed.

Saying that pipeline laying costs constitute 60 percent of refinery projects’ charges, he added that legislation allows financing of the projects by selling of oil products.

He referred to the 620-km pipeline project to pump sour crude oil to Tehran and Arak refineries which will be completed in three years with an investment of 330 thousand dollars.

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