Sinopec Engineering Inc., a unit of refining giant China Petrochemical Corp., started up a refining unit this week at Iran's Arak refinery, a rare example of completion for a recent project involving a foreign company in the sanctions-hit nation.
Sinopec Engineering Inc., a unit of refining giant China Petrochemical
Corp., started up a refining unit this week at Iran's Arak refinery, a rare
example of completion for a recent project involving a foreign company in the
sanctions-hit nation.
In a statement posted on its Website Thursday, SEI said on August 15 it started
an hydrotreating facility, which uses high-pressure hydrogen to desulphurize
and remove of nitrogen and metals from petroleum.
The project is part of an Iranian effort to alleviate its dependence on
oil-products imports by increasing its domestic refining capacity.
Iran
has
invited new companies--notably Asian ones--to replace Western majors that
refused to sign up for new oil and gas projects due to sanctions.
But the policy has had mixed results.
Iran
warned last week it could cancel $5 billion in contracts signed with China
National Petroleum Corp. if the delays in developing the phase 11 of the South
Pars gas field continue.
And Tuesday, Belarusian national oil company Belarusneft pulled out from the
development of an Iranian oilfield over contractual disagreements.
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