Chinese state oil giant Sinopec has finalized an agreement with Iran’s oil ministry for a $1.2bn upgrade of the 400,000 b/d Abadan refinery. Work on the project is expected to begin in December.

The project is intended to increase output of high-end Euro-4 spec gasoline and middle distillates while reducing fuel oil output, Abbas Kazemi, Managing Director of Iranian state refiner NIORDC, tells state news agency Mehr. (CONTINUED - 692 WORDS)