Iran’s Oil Ministry has been allocated €650mn ($710mn) from the country’s sovereign wealth fund, the National Development Fund of Iran, to help fund the construction of the Persian Gulf Star condensate splitter plant, according to project manager Ahmad Adib.

Mr Adib, a National Iranian Oil Refining and Distribution Company (NIORDC) executive, says his firm has already spent €184mn on the project, which is being built in three phases, each with capacity to process 120,000 b/d of condensate. NIORDC estimates the total development cost at $3.8bn. (CONTINUED - 279 WORDS)