Iran is planning to build an oil refinery in Sierra Leone as part of an investment targeting several foreign countries, Sierraloaded has learnt in Freetown.

Oil Refinery

Reports on Monday quoted the Managing Director of the National Iranian Oil Engineering and Construction Company (NIOEC), Ali Asghar Sajedi, saying the Persian nation had initiated negotiations with Sierra Leone officials for the building of a refinery.

In the first phase of negotiations, basic agreement had been reached to build an oil depot in Sierra Leone, he said.

If the second phase leads to a conclusion, the feasibility studies for the construction of an oil refinery in the country will be carried out, he noted.

The move is Iran`s response to growing pressure by Western governments over its alleged nuclear ambition.

Mr Sajedi said buying shares in foreign oil refineries aims to ensure sale of the Iranian crude in the long run, adding that these investments would guarantee marketing of Iranian crude in different parts of the world for the next 20 to 25 years.

Iran said it had so far initiated similar negotiations with Brazil, South Africa, Malaysia, Indonesia and India