Iran Will Refine Oil In Indonesia

Iran and Indonesia Wednesday reached an agreement on establishing a joint oil refinery in Indonesia.

Iranian Oil Minister Bijan Namdar Zanganeh and his Indonesian counterpart Purnomo Yusgiantoro reached the agreement in a meeting on the sideline of the ministerial conference of OPEC.

Under the agreement, Tehran and Jakarta would conduct feasibility studies on the refinery with an oil production capacity of 300,000 barrels per day, according to the report.