Construction of first all-Iranian refinery to start within two months

TEHRAN,July 4(MNA) - The managing director of the National Iranian Oil Engineering and Construction Company said that construction of the first all-Iranian oil refinery will begin within the next two months. Farhad Ahmadi told that some €1.2 billion will be invested in the project. The refinery, which will be built in southern Fars province, will have the capacity to produce 120,000 barrels of gas condensates each day, he added. Deputy Oil Minister Alireza Zeighami has said that about $25 billion dollars should be invested in developing new oil refining capacity with priority given to the Pars condensate refinery in Shiraz, the Persian Gulf Star refinery, the Anahita refinery in Kermanshah, the Shahriyar refinery in Tabriz, and the Hormoz refinery in Bandar Abbas. About 70 percent of the process of building oil refineries has been indigenized by Iranian contractors and manufacturers and the figure can be increased up to 90 percent by 2015, he added.