Also, Iran has projects to upgrade 7 refineries:
Iran is seeking foreign and domestic partners to invest 28.2 billion euros ($39 billion) and raise refining capacity, Aminollah Eskandari, an official at National Iranian Oil Refining & Distribution Co., said this week. It has planned seven refinery projects with total capacity of 1.56 million barrels a day, according to a document prepared by Eskandari for a presentation yesterday.
There are also 10 projects to upgrade seven existing refineries. Completion of these projects, slated for the end of 2012, will allow Iran to expand its regular gasoline production capacity to 96,800 kiloliters a day from the 58,000 kiloliters, according to the document.
Nor is Iran lacking for customers. A Swiss company just signed a deal worth $13 billion to import Iranian natural gas over the next 25 years. As for financial sanctions, so far Iran is evading them through banking partners in the United Arab Emirates, and Iran and Venezuela have two joint banks. These measures provide Iran with a back door, allowing it to mitigate the effects of financial sanctions.
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