Iran Plans Five Crude Oil Refineries Across Asia

Iranian oil minister Kazem Vaziri Hamaneh has announced plans to build five crude oil refineries across Asia.

Speaking at the Asia Oil and Gas Conference in Malaysia, Mr Hamaneh said the plants – in Indonesia, Malaysia, Singapore, China and Syria – would have a total capacity of 1.1 million barrels a day, supplied by Iran.

He also said Iran was in talks about storing strategic crude in China adding Iran's intention to build closer ties with Asia.

Iran's row with the US over nuclear development has driven oil prices to record highs at almost $71 a barrel in recent months, leading to UN sanctions against the country.

The annual Asia Oil and Gas Conference is a forum for industry leaders, specialists and decision-makers to discuss and deliberate on issues and challenges confronting the oil and gas industry.