Iran plans to set up oil refinery near Caspian Sea

December 12, 2012

Tehran Times reports that the Iranian Oil Ministry plans to establish a refinery near the Caspian Sea and feed it by crude oil which is derived from the sea, IRNA quoted Masoud Jahdi, the explorations director of Khazar Oil Company as saying.
“Northern provinces are highly populated and are major consumers of oil products. So, building a refinery will meet their needs,” he added.
The in-situ reserve of the Sardar Jangal oilfield, located in the Caspian Sea, is around 2 billion barrels, of which 500 million barrels is recoverable, Jahdi said.
He added that the field’s crude oil has the API degree of 41.
According to officials of the National Iranian Oil Company, the oilfield is completely situated within Iran’s territorial waters in the Caspian Sea and is not shared with any neighboring country.
Iran’s Oil Minister Rostam Qasemi says Iran has the capacity to produce 4 million barrels of crude and 600 million cubic meters of gas per day, according to press TV.
Referring to the fact that Iran possesses 12 percent of the world’s oil reserves and 18 percent of its gas reserves, Qasemi said that, “The capacity to produce oil must reach 5.2 million barrels and gas production capacity must hit one billion cubic meters per day by 2015.”
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.

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