TEHRAN - The CEO of the National Iranian Oil Engineering and Construction Company Farhad Ahmadi has announced the allocation of $18 billion to the development of new refining projects under the Raisi administration.

Ahmadi said that in the coming years, several new refining projects in the oil industry are on the agenda. A total of about 16.5 billion euros (equivalent to $18 billion) will be allocated to these new projects.

He said construction of the new 300,000-barrel oil refinery of Shahid Ghasem Soleimani with $11.5 billion of investment, construction of the Khuzestan refinery with an initial estimated investment of $4.5 billion, and the second step of the development and stabilization of Abadan refinery with 1.7 billion euros of investment are among the most important of the projects.

“In financing the Shahid Soleimani refinery project, we will use various methods, including financing, bank resources and public funds.”

The CEO of the National Iranian Oil Engineering and Construction Company emphasized: “In this project, we will use the maximum capacity of domestic manufacturers. Also, this project will play an important role in the development of domestic industries and job creation in the country’s refining and oil industry.”