(MENAFN) Iran plans to participate in the building of an oil refinery in Spain as part of a long-term strategy to guarantee oil sales, plus paving the path for a rightful leadership in the oil/gas industry.
The planned refinery will eventually have the capacity to refine 200,000 barrels per day (bpd) of crude oil, thus guaranteeing Iran's oil sales in the long run given that it will only refine supplies from Iran.
Iran had earlier pursued investment in refinery projects in Indonesia and India, let alone it has signed a preliminary agreement with Brazil to construct a refinery to process a whopping 300,000 bpd of crude oil.
Basically, the Islamic republic is pressing ahead with plans to invest in refineries abroad to secure more customers for its oil, thus it would eventually be immune to sanctions targeting oil sales.
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