TEHRAN – To be the biggest Iran-Indonesia joint oil investment, an $8.4 billion-worth oil refinery project will be established in a trilateral cooperation between Iran, Indonesia and China, Mehr news agency reported on Tuesday.

According to the report, Hassan Khosrojerdi, the head of Iran’s Petrochemical, Gas and Oil Exporters Union, said that all measures have been taken and the 300,000-barrel oil refinery will be constructed in Indonesia in about 4.5-5 years.

Iran and Indonesia will own 30 percent and 20 percent of the refinery’s shares, respectively, and the remaining will be owned by the Chinese side, the official said.

EF/MA