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Iran is pressing ahead with the Siraf condensate splitters project at Assaluyeh, but without the foreign investment originally envisaged. Besides maximizing condensate revenues, Siraf could help boost stalled petchems projects.
Iran’s Minister of Petroleum Bijan Zanganeh has announced that construction will begin in June on a $3bn project to develop eight condensate splitters with a combined capacity of 480,000 b/d at the Siraf Refining Park in Assaluyeh, an onshore processing hub for output from the giant offshore South Pars gas field.
Mr Zanganeh says the Siraf project will start through contributions from investors mainly in the Iranian private sector. When the project was first announced, the National Iranian Oil Refining and Distribution Company (NIORDC) was looking to attract foreign investors, but this aim proved unrealistic because of continuing sanctions blocking outside investment in Iran.
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