TEHRAN June 08(Shana)--Iran�s petroleum minister has said that the construction of Siraf refineries would be a major step in ending sale of raw materials.

�With the construction of Siraf refineries, an important step would have been taken in preventing crude [oil and condensate] sales,� Bijan Zangeneh said.
He said Siraf project is the first of kind by Iran�s petroleum industry, adding that this is the first time feeding refineries is put to tender.

Zangeneh said privately-owned companies have been selected to run the project.
�The size of these refineries has been such that besides being economical, the private sector could invest in. To that effect, eight 60,000-b/d gas condensate refineries have been envisaged,� said the minister.

Zangeneh said Siraf Refining Infrastructure Company was established with a capital investment of nearly $3 billion to operate the project.
�After the construction of these refineries, we will no longer have any condensate for exports and an important step would have taken for preventing crude sales,� he said.

Siraf is the first experience of Iran�s petroleum industry in gas condensate refining.
The project is expected to come on-stream in three years. The Siraf refineries would produce gasoil, jet fuel, liquefied petroleum gas (LPG) and naphtha.

Siraf refining project will have a capacity of 480,000 b/d of gas condensate (eight 60,000 b/d refineries).

By SHANA