TEHRAN, Jan. 31 (Shana) � Managing director of the National Iranian Oil Engineering and Construction Company (NIOEC) said that a South Korean company has applied to take part in the development project of Isfahan Refinery.

�We are in negotiations with the refinery�s managers so that upon their approval, the project will start,� Hamid Sharif-Razi told Shana.
�Launching the RHV and RFCC units, worth 1.8 billion euros, will be self-financed,� he said.

By completion of the development project, Sharif-Razi added, production of mazut at the refinery will be drastically reduced.

By SHANA