Wednesday Feb 21, 2018

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Iran needs $260m for Completing Major Refinery Project: MP

(Wednesday, January 24, 2018) 17:51

TEHRAN, Jan. 24 (Shana) -- A member of the Iranian parliament says the country will need an investment of 260 million dollars for completion of the Bandar Abbas Gas Condensate Refinery.

Head of the parliament's energy committee Fereydoon Hassanvand said with 36,000 ml/d of gasoline production capacity, the project will turn Iran into an exporter of gasoline, generating considerable revenues.

"But it is left unfinished for 260 million dollars of investment," the MP said.

Addressing the parliament's open session on Tuesday, Hassanvand said 14.5% of the country's oil revenues has been earmarked as the Iranian Ministry of Petroleum budget, adding the body consumed $7.5 billion for its current costs in the current Iranian calendar year which began on March 21.

He noted that 3 billion dollars would be enough to develop 6 phases of the supergiant South Pars Gas Field, which, once fully developed, will generated 12 billion dollars per year of revenue for the country.

However, he complained, the projects' development is being postponed due to lack of finances.