Iran. Japan Mulling Two-Billion-Euro Joint Oil Project

Tehran and Tokyo are in talks over the implementation of a two-billion-euro oil project. said  Managing Director of Abadan Oil Refinery Company Esfandiar Daemolzekr.
 
He said Iran and Japan are negotiating about the implementation of the project to upgrade Abadan Oil Refinery.
Daemolzekr said that the project includes a plan to reduce fuel oil production in the oldest oil refinery of the Middle East.
He pointed to the negotiations held with Japan’s JGC Corporation Engineering company for carrying out the fourth development phase of Abadan Oil Refinery. and said. The project will require nearly two billion euros of financing and it will reduce fuel oil output to less than 10 percent.
In relevant remarks in early February. the Japanese government expressed willingness to allocate $6.9 billion to fund five projects in Iran to further expand bilateral relations between the two countries.
Tokyo is going to continue its assistance of up to 40 billion Japanese Yen annually for the next four years starting in 2017. the Japanese embassy in Tehran said on a press release.
The embassy noted that the allocation of the aid was confirmed in the Brussels Conference on Afghanistan in October 2016 and will be extended through international organizations and UN bodies.
The projects include a contribution of one million dollars through the United Nations Development Program (UNDP) to restore Lake Oroumiyeh. approximately two million dollars in humanitarian aid assistance for the Afghan refugees through the United Nations High Commissioner for Refugees (UNHCR) program. around $1.9 million funneled through the United Nations Office on Drugs and Crime (UNODC) to be used on border controls. fighting drugs. customs cooperation and money laundering. $500.000 to promote integration of industries in Chabahar port city in the Persian Gulf through a program to be implemented by the United Nations Industrial Development Organization (UNIDO) and finally $1.5 million in donated funds funneled through the International Committee of the Red Cross for emergency activities in Iran.

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