Talks Underway to Attract €1.7b for Abadan Refinery

The Central Bank of Iran is currently holding negotiations with China on financing the second development phase of Abadan Oil Refinery in Khuzestan Province, the managing director of the National Iranian Oil Engineering and Construction Company said. 
“We hope the talks would bear fruit until March 20, which will provide €1.7 billion [$2.09 billion] in investment to materialize a part of the phase’s total required finance [€2.7 billion],” Hamid Sharif Razi was also quoted as saying by ISNA on Tuesday.
In an earlier stage, Iran's oldest crude processing facility attracted $1.05 billion in finance from China's Sinopec Engineering Company in a deal signed in December to develop the second phase of Abadan Oil Refinery, Nikkei reported.
Razi noted that the second development phase of the refinery, which is being implemented by a consortium of Iranian and Chinese companies, is aimed at building a new refinery with an oil processing capacity of 210,000 barrels per day in the Abadan refinery’s latest section that was constructed over 40 years ago and its current capacity stands at 150,000 barrels per day.