News ID: 264302
Published: 0348 GMT January 13, 2020

Investment needed for modification of refineries: Zanganeh

Investment needed for modification of refineries: Zanganeh

Iranian Oil Minister Bijan Namdar Zanganeh said modification and improvement of the country’s refineries needs $10 billion of investment.

The minister made the remarks in an open session of Parliament on Monday, answering a question about supplying low-sulfur fuel for Iranian vessels, IRNA reported.

The International Maritime Organization (IMO) introduced new regulations to reduce air pollution resulting from the use of high-sulfur fuels by vessels.

Based on the new regulations, sulfur will be cut drastically from global shipping transport fuels in 2020.

As of January 1, 2020, ships have been allowed to use only fuel oil with very low sulfur content, under rules by the International Maritime Organization. This cut in sulfur content has been more than a decade in the planning, and almost all shipping around the world is expected to comply, or face penalties.

However, the minister said that the plan for modification of refineries so that they can produce low-sulfur fuel is currently underway in the Abadan Refinery, in southwestern Iran, the plan was halted in the Isfahan Refinery.


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