IRAN: Economy council allocates Rls 20,000bn to oil refineries

The Economy Council has approved over rials 20,000 billion from domestic funds for investment by National Iranian Oil Refining and Distribution Company (NIORDC), it was reported Saturday.

The amount has been allocated to increase refining capacity as well as encourage participation of private investors in the sector, said a statement by the secretariat of Government's Information Dissemination Council.

It added the NIORDC has been obliged to comply with environmental regulations set by the Department of Environment.

The credit is to be invested in 12 maintenance and repair projects nationwide including in Abadan, Tehran, Lavan, Tabriz, Bandar Abbas, Arak, Kermanshah, Shiraz and Isfahan refineries.

The funds will also be spent on developing and improving Bandar Abbas and Lavan refineries as well as expanding existing oil installations in Abadan, Mahshahr, Tehran, Tabriz, Maroun, Eslamabad, Isfahan, Kermanshah, Bandar Abbas and Bandar Mahshahr.

Meanwhile, based on the decision, Oil Ministry and Ministry of Economic Affairs and Finance are obliged to provide the private sector with investment incentives in the sector.

The move is in line with the Article 44 of the Constitution which seeks privatization in key economic areas as well as downsizing the government.

Via: Islamic Republic News Agency

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