Baku, Azerbaijan, Dec. 30
By Khalid Kazimov - Trend:
Iran and a Brazilian company have agreed to construct a joint oil refinery in Brazil, an Iranian oil deputy minister Abbas Kazemi said.
Saying that constructing oil refineries in foreign countries is on Iran's agenda for the post-sanctions era, Kazemi added that the Islamic republic will provide the refinery's oil needs, Mehr news agency reported Dec. 30.
According to the deputy oil minister Iran will provide 50 percent of the project's funds while the Brazilian privet sector is expected to provide the other part.
Abbas Kazemi earlier said that Iran follows the idea of constructing refineries abroad.
Constructing refineries abroad with the participation of international investors will safeguard Iran's oil export for a long period of at least 20-25 years, he underlined.
Tehran can count on stable consumers for decades by building refineries in foreign countries, Kazemi said.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.
Iran's current oil production is estimated to be around 2.8 million barrels per day of which about one million barrels are exported.
In case that Iran and Brazil implement the project, it will be the first time that Iran exports oil to a South American country. The National Iranian Oil Company signed several oil contracts and agreements with the South and Central American countries such as Bolivia, Venezuela, Ecuador, Cuba, and Nicaragua during former President Mahmoud Ahmadinejad's term, however they were not launched.
Iran expects international sanctions imposed by the West against its industry and economy to be lifted in early 2016.
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