Europe and Asia downstream news: 23rd April 2014

Iran

Iranian deputy oil minister Abbas She’ri Moqaddam has said that Iran is resolved to increase its revenues from exporting petrochemicals.

Completion and construction of development projects are among the main priorities of Iran’s National Petrochemical Company (NPC).

He further stated that the second phase of Kavian Petrochemical Complex in Iran’s southern province of Bushehr, as well as petrochemical complexes of Lorestan, Kordestan and Mahabad will be operational by the end of the year.

South Korea

Four South Korean construction companies said on Wednesday that they had signed a US$ 6.04 billion contract to build a large scale oil refinery in Iraq.

The contract was secured by a consortium of Hyundai Engineering and Construction Co. GS E&C, SK Engineering and Construction Co. and Hyundai Engineering Co. and represents the largest overseas industrial plant project won by local firms.

Turkey

Azerbaijan’s SOCAR expects to sign an agreement for a US$ 3.5 billion loan to construct a refinery in Turkey in May.

The loan will finance the construction phase of the project and the total financing bill will exceed US$ 3.5 billion including costs from the post construction period.

Ukraine

A Ukrainian court has seized an oil refinery in Odessa, the country’s third largest. It cited an investigation into fuel duty fraud but gave few details.

Edited from various sources by Emma McAleavey.

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