Iran allocates $1 billion for Persian Gulf Star refinery
Azerbaijan, Baku, Jul.1 /Trend F.Milad/
Iranian Oil Minister Rostam Qasemi has ordered allocating $1 billion for continuing the construction of the Persian Gulf Star refinery, the Shana News Agency reported.
The project needs totally $3.5 billion to be completed. Some $350 million has so far been spent in the project.
"Construction of the Persian Gulf Star refinery, which is the largest gas condensates refinery in Iran, is now complete by over 50 percent and will become operational by the early months of the next calendar year," Qasemi said in April.
Iran will have the capacity to export gasoline in the next calendar year, once the Persian Gulf Star refinery comes on stream, he added, IRIB reported.
The next Iranian calendar year begins on March 21, 2013.
Once the refinery comes on stream, it will have the capacity to refine 360,000 barrels of oil per day. The refinery will be implemented in three 120,000-barrel phases and the first phase will be inaugurated within two and half years.
Construction operations of the 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 refinery will produce 4 million liters of liquefied petroleum gas (LPG), 3 million liters of jet fuel and 130 tons of sulfur.