Iran signed its fourth post-sanctions refining agreement this week – a memorandum of understanding for a $20mn study for upgrading Tabriz refinery. State refiner NIORDC is also looking to bigger projects, announcing plans to seek international funding for its $3.3bn Siraf condensate splitters project.

NIORDC affiliate Parsian Oil and Gas Development Company (POGDC), which operates the 110,000 b/d Tabriz and 58,000 b/d Shiraz refineries as well as a number of petrochemicals plants,...