Executive operations at Iran's new gas condensates refinery in Bandar Abbas are more than 20% complete and the refinery will be refining 120,000 barrels per day by 2012, the Oil Ministry's official Shana news Web site reported Tuesday.
Aminollah Eskandari, director of refining affairs at the National Iranian Oil Refining and Distribution Company, said the refinery needs $3 billion in investment and will have a production capacity of 360,000 barrels per day, Shana said.
Engineering work for the refinery has been completed and equipment is now being purchased and installed at the refinery, Eskandari added, according to Shana.
The refinery, which will be set up based on Euro-2009 standards to produce 35 million liters of gasoline a day, is made up of three phases, Eskandari said, reported Shana.
Each phase is slated to produce 120,000 barrels of gas condensates per day and the first phase of the refinery is expected to be operational by 2012, the senior Iranian oil official said, according to Shana.
More than 50% of the refinery will be financed by the private sector, Shana cited Eskandari as saying.