IRISL, IOEC Ink MoU on Producing Low-Sulfur Fuel
TEHRAN (Tasnim) – The Islamic Republic of Iran Shipping Lines (IRISL) Group and the Oil Industries Engineering & Construction Company (IOEC) inked a memorandum of understanding (MoU) for producing low-sulfur fuel on Qeshm Island.
During a meeting held between CEO of the IRISL Group Mohammad Reza Modaress Khiyabani and Chief Executive of the IOEC Mohammad Javad Shams on Wednesday, the two sides emphasized the accurate implementation of a joint project in order to produce and supply low-sulfur fuel from the Persian Gulf Star Refinery on Qeshm Island.
Highlighting the necessity of construction of a refinery to supply fuel required for the IRISL’s vessels and vessels passing the Persian Gulf, the IRISL chief said, “Presently, a part of high-sulfur fuel produced in the country enters Fujairah in the United Arab Emirates (UAE) and after the desulphurization process, it re-enters Iran and sold to Iranian vessels”
The chief executive of IOEC said that the timing for the implementation of this project and operationalization of a MoU signed in this regard is very important, and it is necessary to set up a joint working group with the participation of representatives of the two companies to manage the project optimally.
As one of the subsidiaries of the Oil Industry Pension Fund, the IOEC is the largest contractor holding company in the country's oil industry.
