The Lack of a Sectorial Regulator Prevents Investment in Petrochemical Refineries
Post Description: Unless the independent regulatory body of refining and petrochemical sector is determined, the chances of successful implementation of "the Code on Aiming to Support the Development of Oil and Gas Condensate Projects in the Industry’s Downstream Sector Using Public Investment" are not high.
This article was published in December 2019 in Fars News Agency.
The Lack of a Sectorial Regulator Prevents Investment in Petrochemical Refineries
Based on "the Code on Aiming to Support the Development of Oil and Gas Condensate Projects in the Industry’s Downstream Sector Using Public Investment" the Oil Ministry is obliged to grant the following permits for units subject to this code when granting project approvals:
(1) License for exporting the final products;
(2) Authorization for supplying the units with crude oil as feedstock after the expiry of the unit’s feedstock recess period.
The Oil Ministry is required to get the cabinet’s approval on this directive executive of this code within two months.
It is worth mentioning that if the independent regulatory body of refining and petrochemical sector isn't determined, the chances of successful implementation of "this Code" are not high.