Essar to build refinery in Iran
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Mon, 08 Jan 2007 21:09:00 GMT |
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NEW DELHI, Jan. 8 India and Iran are discussing building a new refinery as Tehran puts an estimated $18 billion toward meeting growing demand.Essar Group, an Indian private oil major, and the National Iranian Oil Refining and Distribution Company, are negotiating a $2 billion investment in the southern town of Bandar Abbas.The 300,000 barrel per day plant would assist Iran in meeting refining demand and further entrench it as a powerful energy player both in OPEC and worldwide.It would also put Essar in strong position in the Middle East.We want to strengthen our relations with Iran, an Essar official said regarding the refinery talks with Iran ' s state oil refining company. Essar is eyeing deals for exploring and producing gas to fuel a proposed steel plant, The Financial Express reports.Iran's large youth population and ultra-inexpensive prices at the gas pump have tasked the country's refineries enough that Iran now is the world's second largest gasoline importer despite having the second largest reserves of oil.But Essar officials say financing for projects in Iran have been hampered by the ongoing international feud over Iran's nuclear program.Copyright 2007 by UPI
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Business Opportunity in Bangladesh
By:
A.S.M. Bashirul Huq ,
Wed, 07 Feb 2007 08:08:45 GMT
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The government of Bangladesh is negotiating with the Islamic Development Bank (IDB) for a $191-million loan to use it for increasing the production capacity of Eastern Refinery Limited (ERL). The 40-year old state-owned complex now processes about 1.4 million tons (33,000 bpsd) of crude oil a year.
According to Energy Division of the Ministry of Power, Energy & Mineral Resources, the IDB has already agreed in principle to provide the loan to carry out the balancing, modernization, rehabilitation and expansion of the refinery. A final negotiation meeting is expected to be held next month.
An official said the BMRE work was likely to raise the annual production capacity of the refinery, a subsidiary of the Bangladesh Petroleum Corporation, to 3.0 million tons (66,000 bpsd). The ERL came into operation in 1968.
If you are interested in the project, Fortuna Energy would be pleased to work as your local associate/agent.
Thanks and regards.
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