Iran to shut crude unit at refinery

Iran will shut a 180,000 barrels per day (b/d) crude unit at its largest refinery in Abadan sometime in end-October for routine maintenance, a source from National Iranian Oil Company (NIOC) said. The maintenance at the 450,000b/d Abadan refinery could last between 30 and 40 days, and is part of the OPEC member's multi-billion dollar effort to expand and upgrade its domestic refineries to 3m b/d by around 2012, from about 1.6m b/d, the source said. Yes, they will start this maintenance in October sometime, when the weather is cooler," the source said. Iran, the world's fourth-largest oil exporter, lacks refining capacity and must import huge amounts of costly gasoline to meet its needs, a sensitive issue as the West continues to seek ways to penalise Tehran for its persistent nuclear work. Traders said the shutdown of the... [read full story]