GAZPROM INTERESTED IN RUSSIA-ARMENIA-IRAN OIL REFINERY

Tehran Times
Oct 11 2007
Iran

Gazprom said it is still positive about joint project between Russia,
Iran, and Armenia to construct an oil refinery in Armenia.

Gazprom Neft – the oil arm of Russian energy company Gazprom – is
reportedly considering an investment of $1.7 billion to build the
joint oil refinery, which would process oil pumped from Tabriz in
northern Iran, "The Messenger" reported.

Gazprom officials say it will process 5-6 million tons of oil
annually. Some would be used by Armenia; most would be shipped back
to Iran.

Valery Golubev, head of Gazprom’s Investment and Construction
Department, commented that the project is still in the offing but an
appropriate 400 hectare site for the refinery has not yet been found.

Some Russian commentators suggest the project is motivated by political
rather than financial interests, as usually the most economically
productive location for an oil refinery is near a major pipeline
route or at a seaport.

However, Gazprom replies that with effective management, the refinery
could be economically profitable and may offer competition for
Azerbaijan, the main oil exporter in the South Caucasus.

However, Regnum reports Gobulev as saying, "Building an oil refinery
in Armenia is interesting for Gazprom from the geopolitical point
of view."

From: Emil Lazarian | Ararat NewsPress