EMEA News
Iranian Parliament Summons Oil Minister to Report on VLSFO Supply
Iran's oil minister has been summoned to the country's parliament this week to report on the country's supply of very low sulfur fuel oil (VLSFO), according to local media.
"Oil Minister Bijan Namdar Zanganeh was summoned to the parliament to answer some questions about the oil ministry’s negligence regarding the production of enough low-sulfur fuel for the country’s maritime fleet," the Tehran Times reported Wednesday.
"Zanganeh said modification and improvement of the country’s refineries need $10 billion of investment, and securing the mentioned $10 billion for modification of the country’s refineries is impossible under the sanction condition."
There has, however, been enough VLSFO built up in storage for the needs of the Islamic Republic of Iran Shipping Line and National Iranian Tanker Company, the newspaper reported, citing the Iran Ship Owners Union.
Iran's Abadan refinery is being upgraded to increase production of low-sulfur fuels, but an upgrade at the Isfahan facility has been halted, the newspaper said.
