Outside View: Iran`s oil weapon

Seyed Kazem Vaziri Hamaneh, Iran`s petroleum minister, announced at the two-day Asia oil and gas conference in Kuala Lumpur, Malaysia, that the refineries would be built in China, Singapore, Indonesia, Malaysia and Syria. He added that a further deal had been agreed with India`s Essar Group to build a new refinery in Iran itself, for what Indian sources said would be worth $2 billion for a refinery producing 300,000 barrels of gasoline a day. Iran is currently spending close to $5 billion a year importing gasoline, because it lacks the refining capacity to turn oil into petrol.

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