“Japanese companies are willing to increase their cooperation with Iran in industrial domains. Iran is a big holder of oil and gas in the world and cooperation with this country is of prime significance for us,” said Hashi.
“JGC, holding 49 percent of the project, has promised to finish the job in five years [and] the project is estimated to cost US$25 million,” added Hashi who also said the refinery would convert pitch into gasoline once it is developed.
JGC’s involvement in Arak could see the refinery raise its output from 170,000 barrels to 250,000 barrels per day. It will also allow the refinery to offer projects of up to Europe-2005 standards.
