Iran’s parliament on 6 March granted the petroleum ministry permission to construct the new 300,000 b/d Shahid Ghasem Soleimani refinery as part of the ongoing drafting of the 2022-23 budget, the ministry’s Shana news agency reports.

Iran aims to increase its crude oil refining and condensate processing capacity from the current 2.2mn b/d to 3.5mn b/d by 2025-26, an increase of over 50% (MEES, 28 January). Tehran needs $18bn and is relying on local investors to carry the bulk of the bill with oversight from the National Iranian Oil Refining and Distribution Company (NIORDC). The new refinery is expected to cost $9.5bn. (CONTINUED - 185 WORDS)