Iran to build largest condensates refinery

The world’s largest condensates refinery being built in Iran will become operational in the first half of the new Iranian year which begins on March 20, Minister of Petroleum Bijan Zangeneh says.

According to the reports, Zangeneh and other senior officials on Sunday toured the Persian Gulf Star refinery in Bandar Abbas and oversaw the debut lighting of its flare.

The 360,000-barrels-a-day refinery, being built with 3.5 billion euros ($4.7 billion) of investment, is set to turn Iran into a net gasoline exporter.

It will produce around 36 million liters a day of gasoline, with its first phase expected to come online within the next few months at a capacity to process 12 million liters which will make the country self-sufficient for supply of the fuel.

The remaining two phases are projected to start operation by the end of 2017.

The Persian Gulf Star refinery is the most important refining project in Iran, meant to process the condensate from South Pars in Asaluyeh. Condensate is a light form of crude oil produced in association with natural gas.

Despite being a major oil producer, Iran imports gasoline to fill the gap between domestic supply and consumption.

“With the commissioning of this refinery, 36 million liters a day of Euro-4 gasoline will be produced,” Zangeneh said.

SS