TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh said modification and improvement of the country’s refineries needs $10 billion of investment, IRNA reported.

The minister made the remarks in an open session of the parliament on Monday answering a question about supplying low-sulfur fuel for the Iranian vessels. 

The International Maritime Organization (IMO) introduced new regulations to reduce air pollution resulting from the use of high-sulfur fuels by vessels.

Based on the new regulations, sulfur will be cut drastically from global shipping transport fuels in 2020.

From 1 January 2020, ships have been allowed to use only fuel oil with very low sulfur content, under rules brought in by the International Maritime Organization. This cut in sulfur content has been more than a decade in the planning, and almost all shipping around the world is expected to comply, or face penalties.

Zanganeh said on Monday that securing the mentioned $10 billion for modification of the country’s refineries is impossible under the sanction condition.

The minister although said that the plan for modification of the refineries so that they can produce low-sulfur fuel is currently underway in Abadan Refinery, in southwest of the country, but the plan was halted in Isfahan Refinery.

MA/MA