Refinery Joint Venture To Boost Oil Production

October 2007 | Economic Alert

We are encouraged by recent news that Iran's state owned oil refining firm and India's Essar Group are expected to start building a 300,000 b/d refinery in southern Iran early next year. The facility - estimated to cost around US$8-US$10bn would be the first foreign-invested downstream project in Iran since economic sanctions were introduced last year. The news is a positive step for Iran's oil refining sector, which is struggling with petrol shortages, and should help to boost its stagnating oil production. In addition, with economic sanctions forcing the government to increase spending - the budget deficit is forecast to

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