Azerbaijan , Baku, Feb. 25 / Trend, A.Yusifzade /
The first phase of Setareh Khalij-e Fars Refinery (Persian Gulf Star Refinery) would be implemented by March 2012, Mehr reported quoting Iranian deputy oil minister Alireza Zeighami.
According to Zeighami, the construction operation of this project has had a physical progress of 35 percent so far.
Highlighting that about $500 million was allocated for construction of this project last year, he said in addition, about $800 million credit has been allocated for this year for construction of this mega oil project.
Also, Jalil Salari, deputy managing director of National Iranian Oil Refining & Distribution Company (NIORDC), said a portion of the required fund would be supplied domestically.
He pointed out that the three phases of Setareh Khalij-e Fars Refinery would be implemented by the end of the Fifth Five-Year Economic Development Plan (2011-2016), adding the project totally needs 2.6 billion euros.
The executive operations of the proposed refinery started in 2007. Once the project is inaugurated, the capacity of the country's oil products will rise more than 35 million liters of gasoline and 14 million liters of gas oil per day.
In addition, the proposed refinery will produce 4 million liters of liquefied petroleum gas (LPG), 3 million liters of jet fuel and 130 tons of sulfur.
After the UN Security Council ratified a sanctions resolution against Iran on June 9, the United States and the European Union started approving their own unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors, including a US boycott of gasoline supplies to Iran.