Iran, Indonesia clinch lucrative oil deal

An Iranian oil official, while describing the largest oil deal between Iran and Indonesia, said an 8.4-billion-dollar refinery will be constructed in Java, according to Mehr News agency.

Hassan Khosrojerdi, the head of Petrochemical, Gas and Oil Exporters’ Union, said all measures have been taken for construction of a 300-thousand-barrel refinery in Indonesia in collaboration with the Islamic Republic of Iran.

He estimated that the project costs will reach about 8.4 billion dollars and the refinery is scheduled to be constructed within 4.5 to 5 years; “all agreements have been reached and the Indonesian government has even allocated the land required for the project.”