€100mn to be injected into Persian Gulf Star Refinery by year-end

TEHRAN, Mar. 03 (MNA) – Chief Executive of Persian Gulf Star Refinery Mohammad-Ali Dadvar said, “required documents have been provided for receiving the first installments, amounting to 40 million euro, but at least €100 million will be injected to the refinery before the termination of the current Iranian calendar year in 1396 (to end March 20, 2018).”

Allocation of financial resources of the National Development Fund of Iran (NDFI) to this giant project lasted for two years, he said, adding, “the loan was approved at the Cabinet of Ministers, so that a part of this hefty loan would be received in next week.”

Considering the necessary follows up made by the National Iranian Oil Products Distribution and Refining Company (NIOPRDC), it was agreed to inject quality financial resources to this giant project, he opined.

Euro-5 gas oil products of the refinery would hit the market in the coming week, he said, adding, “on the other hand, approx. 3.7 million barrels of oil would be produced from phase one of the refinery in the next week.”

In addition, 2.8 million worth of euro-5 gas oil of the refinery would hit the market from phase two of this giant refinery, CEO said, adding, “thus, 6.5 million euro-5 gas oil would hit the consumer market in the next week.”

Dadvar put the interest rate of loan provided by the National Development Fund of Iran (NDFI) at eight percent and said, “some parts of refinery’s revenues obtained would be spent for the completion of construction operation of phases 2 and 3 of this project.”

Some refineries of the country provide their catalysts from China and India, he said, adding, “unlike other refineries, Persian Gulf Star Refinery provides all its required raw materials inside the country.”

In conclusion, Chief Executive of Persian Gulf Star Refinery Mohammad-Ali Dadvar revealed that gasoline import volume will be minimized in the country by the yearend (to end March 20, 2018).

MA/4240955

News Code 132557

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