0944 GMT October 15, 2019
The government has completely ceded the project to the private sector due to the liquidity crisis it is grappling with, IRNA reported.
Once operational, the refinery will process 480,000 barrels of gas condensates from South Pars Gas Field per day.
Also, the Persian Gulf Star Refinery, Nouri Petrochemical Complex and Pars refinery No. 2 are to treat 360,000 barrels, 120,000 barrels and 120,000 barrels of gas condensates per day under the project to do away with the export of crude oil.
Some $3 billion have been invested in the project which also aims to create value-added, boost employment and safeguard maximum gas extraction from South Pars.
The complex, which is the first oil industry project to be jointly undertaken with the private sector, is to be set up in an area stretching about 300,000 hectares in Pars No. 2 region located between SP phases 13 and 19.