TEHRAN, Dec. 30 (NIORDC) - A credit line by South Korea and valued at nearly 2 billion dollars will be used for financing a refinery project to optimize Irans Esfahan Refinery.
Based on the credit line, South Korean financers will be able to fund the project up to €1.9 billion for upgrading and optimizing the refinery through Bank Mellat as the factoring bank.
"A contract for improving process and optimizing Esfahan Refinery was signed and sealed in March 2017, based on which, it was envisioned that South Korea will finance Esfahan 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 has agreed to finance this contract, he said, adding "that the bank has agreed to act as the factoring bank in the project is a giant step for using South Koreas credit line, which is aimed at improvement of quality and optimization of Esfahan Refinery in the field of reducing fuel oil production and turning it into the light and valued byproducts."
Esfahan Oil Refining Company operates as an oil refining company in Iran. It offers liquefied petroleum gas, solvents, unleaded gasoline, kerosene, gasoil, light and heavy fuel oil, light and heavy lubecut, and sulfur.
The companys capabilities include basic/detailed design, engineering, materials procurement, erection/construction, safety and firefighting, laboratorial sciences, training of recruits, maintenance, overhauls, renovation projects, initial start up of process units, and consulting/contracting.
The company also engages in the manufacture and supply of industrial spare parts through a chain of machine shops or domestic suppliers.