Iran plans to buy shares of world oil refineries: official

Iran is in talks with a number of world refineries to buy their shares, Deputy Petroleum Minister Abbas Kazemi was quoted as saying by Press TV on Wednesday.

"Buying refineries or shares of big foreign (crude) refining companies are one of Iran's oil policies in the post-sanction period," said Kazemi.

The shares of India's Essar Refinery and some of European, South American and Asian companies are in the negotiating process, he said.

"The National Iranian Oil Company seeks to invest in the (foreign) refineries which will process Iran's crude oil. This is also economical," Kazemi added.

According to the report, Iran's Oil Minister Bijan Namdar Zangeneh has described the talks as "serious."

On Tuesday, Zangeneh said that Iran would increase its oil exports by 500,000 barrels per day (bpd) immediately after the Western sanctions against its energy sector are lifted in early 2016.

He also said that Iran will not give up its market share to others, and it does not seek permission from anyone in this regard.

Before 2012, when Western sanctions were intensified on Iran, the country's crude exports stood at 3.7 million bpd. Iran's oil production has fallen to 2.7 million bpd since then.

Iran and major world powers reached an agreement on the former's disputed nuclear program on July 14, under which Iran would curb its nuclear program to a significant degree in return for sanction relief on its energy and financial sectors. Endit