IORC: Isfahan Refinery’s shut down legal

ISFAHAN,Sept.10(MNA) - The closing of Isfahan Refinery was due to its accumulated debts for buying feedstock, Isfahan Oil Refining Company said in a statement. The chairman of the board of directors of Isfahan Oil Refining Company, Jalil Salari, rejected the claim made by Isfahan Refinery’s officials regarding the illegal increase in the prices of feedstock, saying that no contract has been signed in this regard. Isfahan Refinery was closed due to accumulated debts for buying feedstock from Isfahan Oil Refining Company, he noted. Some 2.31 trillion rials worth of feedstock were delivered to Isfahan Refinery in the past year, but just 700 billion rials of the sum were paid. The management of Isfahan Refinery has not inked any agreement since October 2008 as a pretext to avoid paying its debts despite all the correspondents in this regard. However, IORC has supplied the refinery with its feedstock during the past four years.