BAKU, Azerbaijan, February 6. Iran's Tehran Oil Refining Company plans to increase its investments to 540 trillion rials (about $949 million), the executive director of Tehran Oil Refinery Company Abbas Mohseni told local media, Trend reports.
According to him, Tehran Oil Refinery Company addressed Iran's Securities and Exchange Organization in this regard and is expecting the issuance of a license.
Mohseni said the company's current investment is 390 trillion rials (about $685 million).
The official noted that Tehran Oil Refinery Company is investing in various projects. The company has acquired a 52 percent stake in Shazand Petrochemical Company and keeps on improving its operations within the plant and projects of this company. Plans are currently being developed to build a 500-megawatt renewable energy power plant at the Shazand Petrochemical Company to collect bilge water and flare gases.
To note, Tehran Oil Refinery Company was established in 1967. This company has the potential to refine 250,000 barrels of crude oil daily. Nowadays, in addition to gasoline, the company produces white oil, diesel, vacuum bottoms, solvents, and other products daily. The company's current capital is 275 trillion rials (about $6.55 billion). Bank Saderat, Iranian Investment Company, and Tehran Investment Company are the major shareholders of Tehran Oil Refinery Company.