The Japanese JGC company has signed an agreement with the state-run National Iranian Oil Engineering and Construction Company to develop Arak Refinery. Managing-Director of the National Iranian Oil Engineering and Construction Company Reza Kasaizadeh said that the development project would increase Arak capacity from 170,000 barrels per day to 250,000 barrels. He said that new units would be set up at Arak Refinery to offer projects up to the Europe-2005 standards. He said that JGC, holding 49% of the project, has promised to finish the job in five years. The official added that the Japanese company will carry out its feasibility study in 11 months. The project is estimated to cost USD 25 million he said, adding that Arak Refinery would convert pitch into gasoline once it is developed.
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