Iran Begins Drilling Caspian Sea Oil Well
Iran, which last week began drilling its first Caspian Sea oil well, will set up a refinery there if it finds reliable reserves, an Oil Ministry official was quoted Sunday as saying.
Exploration is now under way at five points on land and one at sea, the Iranian news agency IRNA quoted Mansour Parvinian, deputy oil minister for exploration, as saying.
He said the refinery would be built in the northern province of Gilan if reliable resources were discovered.
Within the next five years, three oil wells will be drilled in the Caspian Sea at a total capital investment of $60 million, Parvinian told IRNA.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
