(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 6. Iran has signed a
memorandum with its domestic partners to build a new oil refinery
in the western province of Kermanshah, Trend reports.
According to the memorandum, the Anahita oil refinery will cost
$2 billion and will be financed by the National Development Fund of
Iran, the country's sovereign wealth fund.
The project will be carried out by Khatam al-Anbiya Construction
Headquarter, a conglomerate affiliated with the Islamic
Revolutionary Guard Corps.
The memorandum was signed on December 4 at the Iranian Oil
Ministry in the presence of officials from the National Iranian Oil
Company (NIOC) and Sepah Bank, which will act as the intermediary
bank for the fund transfer.
The Anahita oil refinery will have a processing capacity of
150,000 barrels per day of crude oil and will produce a variety of
petroleum products, including gasoline, diesel, propylene,
liquefied petroleum gas (LPG), and base oil.
The refinery will also produce petrochemicals such as benzene,
xylene, toluene, and needle coke. The refinery is expected to be
completed in four years and to pay back the investment in 8.3
The Iranian government had approved the construction of the
Anahita oil refinery in 2006, but the project had been delayed due
to sanctions and other issues. The refinery is part of Iran's plan
to increase its refining capacity and reduce its dependence on
imported gasoline. The refinery will also create jobs and boost the
economic development of the Kermanshah province, which borders
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