Refining

Iran'.s oldest crude oil processing facility and once the world'.s largest oil refinery will be reconstructed by a consortium.

The column. measuring 10 metres wide and 66 metres in height weighs 1.300 tonnes. making it among the biggest single crude distillation column in the refining industry.

The Kremlin said earlier this week that penalties could hurt investment projects with European partners. such as the Nord Stream Two pipeline from Russia to Europe.

Germany is leading a group of countries whose companies are taking part in building the 55bn cubic metre a year (cm y) route.

India'.s state refiners have cut oil import plans from Iran by a quarter in the year to March 2018.

Upon the completion of the project. the refinery will raise its propylene production by 1 million tons per year.

Kuwait has so far bought Chinese-made rig equipment worth more than 4.3 billion yuan.

Iran has steadily reconnected with buyers across Europe since sanctions were lifted and NITC expects to play a bigger role.

Turkey will continue to be a part of all pipeline projects to diversify resources.

Iran’s oil refining capacity reportedly stands at around 1.8 million barrels per day.