Saturday Mar 24, 2018

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S. Korean Credit Line tapped for Financing Iran Refinery Project

(Saturday, December 30, 2017) 14:41

TEHRAN, Dec. 30 (Shana) – A project to optimize Iran's Isfahan Refinery will be financed by a South Korean credit line.


South Korea will provide €1.9 billion worth of credit for upgrading and optimizing the refinery.

“A contract for improving process and optimizing Isfahan Refinery was signed and sealed in March 2017, based on which, it was envisioned that South Korea will finance Isfahan Refinery for the development and optimization purposes,”Alireza Arman, Consolidated Planning Manager of National Iranian Oil Products Refining and Distribution Company (NIOPDC), said. 

Bank Mellat, as the factor bank in the project, has agreed to finance this contract, he said, adding “selection of Bank Mellat is considered as a giant step for using South Korea’s credit line, the amount of which is earmarked for the improvement of quality and optimization of Isfahan Refinery in the field of reducing fuel oil production and turning it into the light and valued byproducts.”