Ahmad Adib said the project is aimed at supplying the country's need for gasoline, saying that IRR 200bn was bankrolled by Khatam al-Anbia Construction HQ, the engineering arm of Iran’s Islamic Revolution Guards Corps, in September for completion of the project.
The first phase of Persian Gulf Star Oil Refinery will come online this year and start producing high-octane gasoline, Adib said in April.
The project would become operational should no financial shortages come up, he added.
After startup of major projects like Persian Gulf Star Refinery, Iran will be even able to export gasoline.
Adib said the first phase of the refinery would have a capacity of 120,000 b/d of gas condensate.
The refinery is owned by Oil, Gas and Petrochemical Investment Company (49%), Oil Industry Pension Fund (33.1%) and National Iranian Oil Refining and Distribution Company (NIORDC) (17.9%).
One fully operational, the refinery would produce 36 ml/d of high-octane gasoline and 14 ml/d of gasoil. Other products include 4 ml/d of liquefied petroleum gas (LPG), 3 ml/d of jet fuel and 130 tons a day of sulfur.
Once the project's first phase becomes fully operational, other phases will come online each after 4 months.
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