$600m for Persian Gulf Star Refinery

TEHRAN, May 8 (MNA)-- Iranian Deputy Oil minister Alireza Zeighami announced 600 million dollars will be earmarked for completing the Persian Gulf Star Refinery, SHANA reported on Sunday.

Highlighting that about 200 million dollars was allocated to the project last year, Zeighami said that about 1.4 billion dollars has been spent in this mega oil project so far.

 According to Zeighami, the construction operation of this project has had a physical progress of 40 percent so far.

 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, Zeighami added.

 He pointed out the rest of required fund is about one billion dollars which would be supplied by finance and domestically via Iranian banks.

 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.

 HL

MNA

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News Code 45853

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