January 8, The Iran Project – Iran’s deputy petroleum minister says the country is trying to improve refineries and reduce fuel oil production capacity with the collaboration of South Korean and Japanese companies.

Describing the investment opportunities in Iran's oil refining industry in post-sanction era, Abbas Kazemi, the Managing Director of the National Iranian Oil Refinery & Distribution Company referred to implementing development and optimization projects and reducing fuel oil production capacity as the most important plans of Iran’s oil refining industry.

Fuel oil production should be fall by 10% so we have already negotiated with several international companies, namely South Korea and Japan, Kazemi added.

Referring to the MoU Isfahan Refinery signed with South Korea's Daelim Company for improving production procedures and optimizing the facility, NIORDC managing director said following the removal of sanctions, foreign investors, especially South Korea and Japan, have largely welcomed to reform the outdated oil refineries.

He went on to say that Tehran and Bandar Abbas oil refineries have started talking with the Japanese and Korean investors, adding the oil refineries of Esfahan, Tabriz, Tehran, Bandar Abbas and Abadan totally need $14 bln. of investment to produce goods and petroleum products complying with Euro 4 standard.