South Korea to finance Isfahan Refinery for optimization

MNA – Isfahan Refinery will get South Korea’s finance for the improvement process and optimization purposes.

In this regard, South Korea will provide €1.9 billion worth of credit for upgrading and optimizing Isfahan Refinery.

Alireza Arman Consolidated Planning Manager of National Iranian Oil Products Refining and Distribution Company (NIOPRDC) made the remark, adding, “a contract for improving process and optimizing Isfahan Refinery was signed and sealed in March 2017, based on which, it was envisioned that South Korea will finance Isfahan Refinery for the development and optimization purposes.”

As operating bank, Bank Mellat has agreed to finance this contract, he said, adding “selection of Bank Mellat is considered as a giant step for using South Korea’s credit line, the amount of which is earmarked for the improvement of quality and optimization of Isfahan Refinery in the field of reducing fuel oil production and turning it into the light and valued byproducts.”

This giant project will be put into operation in very near future, Arman concluded.