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IKORC refinery | Credit: Teheran Times (April 11, 2020)

Imam Khomeini Oil Refining Company (IKORC), also known as Shazand Oil Refining Company, is a state-owned Iranian refining company that owns and operates the Shazand Oil Refinery located 20 km from Arak in Markazi Province.

Historical Development:

• 1993: Commissioned with 150,000 bpd capacity​
• 2006: Major expansion project initiated (EPC contract signed August 2006)​
• 2009: Capacity reached 170,000 bpd​
• 2010-2013: Expansion project completed, capacity increased to 250,000 bpd​
• 2025 (October): Addition of 15,000 bpd, bringing total to 265,000 bpd

Organizational Role:
IKORC operates as one of National Iranian Oil Refining and Distribution Company (NIORDC)'s key refining subsidiaries, responsible for the commercial operations, maintenance, and management of the Shazand refinery complex. The company manages all aspects of crude oil procurement, refining operations, product sales, and distribution from the Shazand facility.

Strategic Position:
As operator of Iran's fourth-largest refinery, IKORC plays a critical role in meeting domestic fuel demand, particularly gasoline production for central Iran. The company has implemented significant localization programs, developing domestic manufacturing capabilities for refinery equipment and catalysts, achieving approximately 80 million EUR/year in cost savings through import substitution.​

Sanctions Status:
IKORC was added to the US OFAC Specially Designated Nationals (SDN) list on October 27, 2020, under Iran sanctions programs linked to the Ministry of Petroleum, subjecting it to secondary sanctions.