Managing Director of Abadan Oil Refinery Company Esfandiar Daemolzekr informed reportes about the latest development status of and the plan to reduce fuel oil production in the oldest oil refinery of the Middle East saying \u201cin partnership with China\u2019s Sinopec<\/strong>, the plan to equip, develop and upgrade Abadan refinery will kick off as of the new Iranian calendar year (to begin March 21).\u201d<\/p>\n The official recalled that the second development contract was inked with the Chinese side following implementation of the Joint Comprehensive Plan of Action (JCPOA<\/a>) asserting \u201cthe initiative aims to boost profitability and reduce fuel oil production form the current 40% to less than 20 per cent.\u201d<\/p>\n He emphasized that the refinery project required three billion dollars of investment adding \u201cdesalination units and those for purification of diesel and kerosene will be also expanded.\u201d<\/p>\n On the third development phase of Abadan refinery, Daemolzekr said about 40 per cent of crude oil is currently turned into fuel oil due to ageing distillation units though reduction of fuel oil output has been put on the agenda.<\/p>\n He underlined that 8000 jobs will be created during five years of developing phase two of the Iranian refinery highlighting that for expansion of Abadan complex phase 4, talks are underway with a Japanese firm and a contract will be inked soon.<\/p>\n He referred to the held negotiations with Japan\u2019s JGC Corporation<\/a><\/strong> Engineering company for carrying out the fourth development phase of Abadan Oil Refinery maintaining \u201cthe project will require nearly two billion euros of financing and it will reduce fuel oil output to less than 10 per cent.\u201d<\/p>\n![\"Iran](\"http:\/\/iranthisway.com\/wp-content\/uploads\/2017\/03\/4bk928cf2a904beoom_800C450.jpg\")
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