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Heavy-Handed Politics

"€œGod willing, with the force of God behind it, we shall soon experience a world
without the United States and Zionism."€ -- Iran President Ahmadi-Nejad

Wednesday, August 02, 2006

China to upgrade Iran's refinery in $2.7 billion deal

NICOSIA — Teheran has signed another major energy deal with leading energy client China which will alleviate Iran's gasoline shortage problems.

Officials said Teheran signed a $2.7 billion oil refinery upgrade deal with China to expand Iran's gasoline supply. They said China's Sinopec would increase capacity at the Arak refinery from 150,000 barrels of crude oil per day to 250,000 barrels.

"Currently, Arak refinery produces about six million liters of petrol a day, and when the upgrade operation is done the figure will reach about 16 million liters," Iranian Deputy Oil Minister Mohammad-Reza Nematzadeh said.

Nematzadeh said the project would be completed by 2010. Iran produces 40 million liters of gasoline per day, 55 percent of its daily consumption.


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