-ANI): The Iranian Oil Ministry plans to build an oil refinery near the Caspian Sea to refine the crude oil extracted from the sea, Tehran Times daily reported Tuesday.
Masoud Jahdi, the exploration director of Khazar Oil Company, said that Iran's "northern provinces are highly populated and are major consumers of oil products, so building a refinery will meet their needs," according to the report.
The in-situ reserves of the Sardar Jangal oilfield, located in the Caspian Sea in Iran's territorial waters, has around two billion barrels, of which 500 million are recoverable.
In December, 2011, Iranian Oil Minister Rostam Qasemi said Iran had discovered a natural gas field in the Caspian Sea, which has 700 meters (2,300 feet) depth in the bordering area of the country 's waters, said Qasemi without giving further details.Iran's share of natural gas reserves in the Caspian Sea was previously 11 trillion cubic feet, however, the discovered resource was several times larger than that, said the minster without specifying the amount of the gas. (Xinhua-ANI)