Iran plans to build 7 refineries

Iran plans to build seven new oil and gas refineries in a bid to diminish its vulnerability to sanctions from foreign refineries.

According to the official Iranian news agency IRNA, the new oil and gas refineries will allow Iran both to meet domestic demand and become a gas exporter, although the agency failed to state when construction was due to start.

Though Iran has one of the largest known oil reserves in the world, it lacks the necessary refineries to turn the crude oil into high value consumer products such as gas. If completed, the new plant will significantly boost Iran’s oil industry.

Iran relies on exporting its oil to southern Gulf countries for refinement, which necessitates re-importing its own oil at a much higher price.

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