State-owned Philippine National Oil Company (PNOC) is collaborating with National Iranian Oil Company (NIOC)for the construction of a liquefied natural gas (LNG) plant in Iran, PNOC president Pedro Aquino said.
Aquino, who was in Tehran for Iran Oil Show 2017, said PNOC has already reached an agreement with NIOC to set up the LNG plant in the country.
PNOC will also purchase 400,000 barrels per day of oil from Iran for a new refinery being built in the Philippines, Aquino said.
The new refinery, expected to be launched in the next three years, will be compatible with a variety of Iran’s light and heavy crude oils. However, if other refineries show readiness, purchases from Iran will take place sooner.
He added that Tehran and Manila also recently signed an agreement whereby PNOC will cooperate with Iran to develop phase 3 of Dorkhovin and Pazanan oilfields in Iran.
The 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition, known as Iran Oil Show, was held in Tehran, Iran’s capital, with more than 4,000 domestic and foreign companies showcasing their latest technical achievements.
Countries such as China, Germany, France, Italy, Spain, Turkey, Russia, Japan, the Netherlands, Austria, South Korea and Australia had their own pavilions in the Iran Oil Show.
Major foreign exhibitors included Wintershall Holding GmbH (Germany), Siemens (Germany), Lukoil (Russia), OMV (Austria), and ONGC (India).