Managing Director of National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi referred to the interminable and prolonged negotiations of NIORDC with a Chinese company on financing the stabilization project of Abadan oil refinery adding “in the current situation, we need to take advantage of the available credit in China for financing oil plans.”
Kazemi stated that the engineering stages of the refinery plan have been initiated; “Iran’s Oil Ministry pursues the policy of continuous cooperation with the Chinese side for the implementation of Abadan refinery’s stabilization project.”
The official stressed that 85 per cent of the budget required for the huge project needs to be financed by investors emphasizing “the Iranian Ministry of Oil prefers Chinese financers.”
