Iran’s Parliament Authorizes Oil Ministry to Build Refineries Abroad

Discussing the details of the 7th National Development Plan bill, the lawmakers passed Paragraph B of Article 44, shana reported.

Paragraph B reads, “In line with the development of energy diplomacy, presence in international markets, and neutralization of sanctions through boosting exports of oil products by its affiliated companies or nongovernmental applicants, subject to receiving the necessary guarantees to receive feedstock of the country, the Oil Ministry is authorized to participate in the construction of new foreign refineries or refinery-integrated petrochemical plants or own their shares, and also increase the country's integrated refinery and petrochemical complexes’ capacity by 300,000 barrels per day through bartering necessary services and equipment out of the delivery of crude oil beyond the commitments required by the Budget Law with the approval of the Supreme Economic Council.”

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