Reuters: Iran’s oil minister will travel to China on Wednesday to seek investment in new oil refineries, the oil ministry news website SHANA reported on Tuesday.
TEHRAN Aug 3 (Reuters) – Iran’s oil minister will travel to China on Wednesday to seek investment in new oil refineries, the oil ministry news website SHANA reported on Tuesday.
The visit comes as new sanctions imposed over Iran’s nuclear programme take effect, squeezing its ability to import gasoline and making it increasingly difficult to get foreign investment and expertise to help increase refining capacity.
As the toughest sanctions come from the United States and Europe, Tehran has looked for investment to China, which is interested in Iran’s vast oil resources.
Minister Massoud Mirkazemi will be accompanied by the head of the state-owned National Iranian Oil Company, Ahmad Ghalebani, SHANA reported.
Iran is the world’s fifth-largest oil producer, but a lack of sufficient refining capacity forces it to import up to 40 percent of its gasoline needs.
It also needs some $25 billion of foreign investment to develop its gas and oil sector, Tehran has said. (Reporting by Hossein Jaseb; writing by Robin Pomeroy, editing by Jane Baird)