Iran’s Oil Ministry will own shares in three refineries in Latin America region as part of efforts to diversify and increase Iranian crude oil exports despite American sanctions targeting the industry.
China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns.
More than 100 people were killed overnight in an explosion at an illegal oil refining depot on the border of Nigeria's Rivers and Imo states, a local government official and an environmental group said.
Iranian President Seyyed Ebrahim Raeisi officially inaugurated the first superheavy oil refinery in Iran on Friday as the country moves ahead with plans to develop its massive petroleum sector despite sanctions imposed by the United States.
The Iranian government is planning to hold an initial public offering (IPO) for its largest gasoline refinery within weeks as part of a privatization campaign which is meant to attract financial resources for the government and to use the private investment for the modernization of manufacturing infrastructure.
The homegrown production of various spare parts has saved Isfahan Oil Refinery over $1.85 million in the first six months of the current Iranian calendar year, which started on March 21, according to an executive in the central Iranian refinery.
The CEO of the National Petrochemical Company (NPC) said the gas to poly propylene (GTPP) unit of Islamabad-e Gharb refinery in western Iranian province of Kermanshah is scheduled to come online by 2024 as the first development project of the NPC after privatization.
The Persian Gulf Star Refinery (PGSR) in southern Iranian province of Hormuzgan is producing 47 million liters of gasoline per day with a quality higher than Euro-5 standards, said Mohammad-Ali Dadvar, the refinery’s managing director.