TEHRAN, Jan. 09 (NIORDC) - The National Development Fund of Iran (NIDFI) will be tapped for a 260-million-Euro loan that will be used for financing a major condensate refinery project, touted as the worlds biggest, a senior official with Irans refining industry said.
Managing Director of the National Iranian Oil Refining & Distribution Company (NIORDC) Alireza Sadighabadi told a gathering of NIORDC officials on Sunday that the cash will be allotted to completing the remaining phases of Bandar Abbas Gas Condensate Refinery.
So far the first phase of the project has become operational with 12 million liters/day of Euro-5 petrol production.
Sadighabadi said once completed, the facility will be the worlds biggest condensate refinery with 36 ml/d of petrol production capacity.
The second phase of the project is being developed to become a major source of income for the country, the NIORDC CEO added.
"Iran will earmark no budget for gasoline imports next [calendar] year (which begins on March 21), which means the project must come on-stream as soon as possible," he added.
The official further said that the facility is expected to process 75% of its throughput into value-added quality items which is unprecedented in the refining industry.
Sadighadbadi said the Bandar Abbas Gas Condensate and Oil refineries alone account for satisfying nearly 50% of Irans demand for gasoline.