Speaking to Shana regarding China’s financing of the Abadan Refinery development project, Hamid Sharif Razi said the 2.9 billion dollar credit line has been gradually squeezed to 1.1 billion dollars for implementation of the first phase.
“The refinery’s two-phase development project has the objective of reducing the fuel oil and increasing the quality of the gas oil,” he added.
“The foreign financing in refining projects usually takes one to two years. Entering negotiations with other firms will make it longer,” said the CEO.
“Firms from South Korea have set forth proposals for financing similar projects,” Razi added.
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