Bijan Zangeneh, the Petroleum Minister of Iran, has recently declared that 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.
The 360,000-barrels-a-day refinery is being built with EUR 3.5B (USD 4.7B) of investment, is set to turn Iran into a net gasoline exporter. It will produce around 36 million litres a day of gasoline, with its first phase expected to come online within the next few months at a capacity to process 12 million litres. 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.
"With the commissioning of this refinery, 36 million litres a day of Euro-4 gasoline will be produced," Zangeneh said. "We are expecting the operation of the first phase of the refinery in the first half of the next (Iranian) year to yield 12 million litres of Euro-4 gasoline and get the country to do away with gasoline imports," he added.