Iran intends to augment its crude oil refining capacity by over 70% within the next 4 years. The announcement comes from Abbas Kazemi, CEO of the National Iranian Oil Refining and Distribution Company (Niordc), who explained that the goal is to improve the quality of hydrocarbons sold in the internal market and to reduce foreign imports. In particular, Kazemi underlined the willingness to reach a refining capacity of 3.2 mb/d by 2020. According to Kazemi, the country urgently needs $14 billion in investments to increase capacity for 5 currently active refineries: Isfahan, Tabriz, Teheran, Bandar Abbas and Abadan. The Niordc CEO further stated that the government will finance the modernization efforts for Abadan and is looking for investors for the other plants. Kazemi added that there are currently 5 new refineries under construction, like the Persian Gulf refinery in the Bandar Abbad harbor, in Southern Iran, which will be completed by 2017. The plant, which will feature a refining capacity of 360,000 b/d and will become the country’s main refinery, will be primarily used for the refining of condensed gas and light oil. As of today, Tehran has invested around $3 billion into the project but needs about $500 million more to bring it to completion.