MP: Iran Can Increase Oil Sale by Investing in Offshore Refineries

Date: 04 September 2022 - 21:24

News ID: ۱۰۶۵۳۶

TEHRAN – Member of the Iranian Parliament’s Agriculture, Water, and Natural Resources Commission Ali Akbar Alizadeh Barami said on Sunday that the country could invest in offshore refineries through exporting technical and engineering services to increase its oil exports, as constructing new refineries is too expensive.
Iran’s aspirations to stop selling its oil in the crude form and add value to it through refining the oil requires big investments to construct new refineries which is not an available option in the current conditions. That’s why officials have been thinking to find an alternative like using offshore refineries or half-finished refineries in friendly countries.
Alizadeh Barami added that Iran can add value by refining its oil and extracting dozens of derivatives, instead of selling crude and repurchasing derivatives from foreign producers at high costs.
Constructing refineries is costly in the current conditions that Iran is under sanctions, Alizadeh said, adding that Iran could use semi-active refineries in other countries by exporting technical and engineering services.