According to the Spanish newspaper Horasur,  the Spanish Port Authority confirm that contacts have been made with the Iranian National Oil Refinery Company to build a refinery in Algeciras – although not yet definite, as it seems that Magtel, the Spanish Company interested in the project, and the Iranian Govt prefer the Huelva area in which to instal the refinery at a cost of 3,000 million euros.

The Spanish Foreign Minister, Garcia Margallo, had encouraged it be built in the Gibraltar area, but the lack of space and the possibility of having the Huelva Port Authority impeding it, has discarded the preference.
However, the Iranian Oil Refining Company intention is to insist that the Spanish investor invests 50% of the financial project, but Magtel does not have the financial balance to cover the cost, since the financial cost could well rise high above the initial 3,000million euros and the prospective Spanish investor hardly holds 120million euros