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 Irans 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 Irans 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
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