Iran oil industry plans to increase cooperation with South Korean and French companies following the lifting of sanctions on Iran in January.
A memorandum of understanding (MoU) was signed during the meeting of Managing Director of French IFP Group Hussein Didier with the head of Research Institute of Petroleum Industry (RIPI), Hamidreza Katozian on Tuesday.
Head of the International Affairs Department of IFP Group Daniel Champlon also attended the ceremony to sign the MoU, Shana reported.
The MoU was based on eight fields of technology cooperation including upstream and downstream sectors, oil and gas reserves study, increase in the recovery, gas sweetening and reduction of pollution.
Pointing to increase in the recovery plan of Iran, Didier said IFP is ready to increase cooperation with RIPI to develop extraction of oil from complex reserves.
He expressed his satisfaction with conclusion of the MoU and hoped to remove the barriers in the way of collaboration in oil industry.
He also announced that IPF is ready to present educational services to RIPI.
Developing refinery ties with S. Korea
Also on Monday, managing director of Isfahan Oil Refinery said the facility has signed an MoU with South Korea's Daelim Company for improving production procedures and optimizing the facility.
Lotfali Chavoshi said that the process of improvement and optimization plan of the refinery will bring the facility to its golden days.
He said the MoU is an Engineering, Procurement and Construction (EPC) contract with Daelim's financing.
The CEO added that the plan will be carried out in a 4-year period with an investment of $2 billion.
In the project, Daelim will cooperate with Iranian contractors and National Iranian Oil Engineering and Construction Company will serve as the operator, he added.
Once completed, the project will reduce the refinery's crude oil feedstock by 16,000 bpd, and its fuel oil output by 10 mlpd by adopting new production technologies.
Moreover, the facility's petrol output will rise by 8.5mlpd which will be one of the major achievements of the plan, he added.
Furthermore, enhanced production of LPG by 2.1 mlpd, promoted quality of products from Euro-2 to Euro-4 and Euro-5 which would be environment friendly, more efficiency in production activities, boosted revenues of the refinery, and reduction of emissions will be other benefits of the plan, he added.
