I R A N ’ S
G L O B A L
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Venezuela’s heavy crude to get a better crude price. Iran’s Research Institute of Petroleum Industry (RIPI) signed an agreement with South Africa’s state-run PetroSA to jointly pursue research and development (R&D) in crude blending technologies, while the country also signed a long-term cooperation agreement with South Korea at the start of May. This covers a number of areas including gas and telecommunications and serves as a springboard for raising Iranian crude supplies to the country.
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B O O S T
360
thousand The number of barrels of oil per day the Persian Gulf Star refinery will produce
Investment culture
Sanctions did not completely derail Iran’s energy infrastructure, with Tehran funnelling cash into the country’s major oil and gas sites – refineries, pipelines, drilling sites, roads and so on – to prepare for the lifting of sanctions. The first phase of the Persian Gulf Star refinery with capacity to produce 360,000 barrels a day (b/d) will be completed by next March, with the remaining two units scheduled to go online in 2017. While the Persian Gulf Star, when finished, will add 16 million litres a day