MNA – Managing Director of Tehran Oil Refining Company Lotfollah Hangi announced the sign of a memorandum of understanding (MoU) between Iran and Japan to improve the quality and quantity of produced gasoline and reduce the use of fuel oil.
Lotfollah Hangi stressed that production of gasoline at Tehran Oil Refining Company is about to increase by 24 percent, with implementation of the first phase of the agreement with Japan’s JGC Corporation and Marubeni Corporation.
Hangi said the pact will be launched in 2019; it will take 4 years to complete and at a total expense of 2.8 billion dollars. It aims at omitting benzene in production of quality gasoline in conformity with the Euro 5 standards.
JGC Corporation, formerly Japan Gasoline Co., is a global engineering company headquartered in Yokohama, Japan. The company was founded on 25 October 1928. In 1976, it changed its original name from Japan Gasoline Co. to JGC Corp.
Marubeni is a major Japanese integrated trading and investment business conglomerate that handles products and provides services in a broad range of sectors. It is the fifth-largest sogo shosha and has leading market shares in cereal and paper pulp trading as well as a strong electrical and industrial plant business.