ISNA� The CEO of Iran's Bandar Abbas Refinery announced that the factory is in talks with Japan's Chiyoda Corp. to improve the quality of its fuel oil.

�There are two projects at the Bandar Abbas refinery; one of them for improving the quality of gasoline and the other for enhancing the quality of diesel fuel. About these two projects, we come to a good point with Iranian engineers and the process goes well. I hope these two projects will be operational by October and the quality of gasoline and diesel fuel will reach to the Euro-4 standard,� the CEO of Iran's Bandar Abbas Refinery Hashem Namvar said.

�Another ongoing project at the refinery in the improvement of quality of the fuel oil. The main output of the refinery is fuel oil which is a low value heavy product. That is why we are trying to turn this product into a lighter product with higher value,� he added.

"We hope by April 2019, engineering studies will be conducted and we will start the project implementation steps to reduce fuel oil production to less than 10% and improve its quality," Namvar said, adding that negotiations to improve the quality of fuel oil at the Bandar Abbas refinery with Japan's Chiyoda Corp. are underway.

"Funding for this project needs to be determined in fundamental studies, but it will need between $3 billion to $4 billion of capital," the official went on to say.