The Siraf refining park executives have signed a US$3bn worth deal with a consortium of Korean and Japanese companies (Hyundai, Daelim Corporation and Chiyoda Corporation) for the development of the Siraf refining project in Iran (Siraf, southern Bushehr province). US$2bn will be financed by the Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation while the remaining US$1bn will be provided by Japanese investors of which in particular Nippon Export and Investment Insurance.
The Siraf refinery project will consist of 8 processing plants with a combined capacity of 480 000 bbl/d and should be completed in late 2018. It will produce more than 270 000 bbl/d of naphtha, 140 000 bbl/d of gasoil, 30 000 bbl/d of LPG and 40 000 bbl/d of kerosene. The project is meant to increase Iran’s refining capacity by 22% (1.8 Mb/d) and increase its petrochemical feedstock output by 57%.