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Iran to build oil refinery near Caspian Sea, Tehran Times says

Bloomberg

By Yeganeh Salehi

The Iranian Oil Ministry plans to build a refinery near the Caspian Sea that will process crude from the Sardar Jangal field, the Tehran Times reported, citing Masoud Jahdi, the explorations director of Khazar Oil Co.

The field, which is located in the Caspian Sea, has about 2 billion barrels of reserves, of which 500 million barrels is recoverable, Jahdi said, according to the Tehran-based newspaper. The crude has a density of 41 degrees on the American Petroleum Institute scale, he said. “The refinery will meet demands of highly populated areas in northern Iran,” Jahdi said, according to the paper.