Iran Taps Wealth Fund To Complete First Splitter

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.

Tehran has put “special focus on completion of the project,” says Mr Adib, with the first phase slated for start-up in 2016. Persian Gulf Star is one of two major condensate splitter plants planned by Iran to utilize gas from new phases of the South Pars gas field to produce transport fuels, for which NIORDC is unable to meet domestic demand through its nine conventional refineries. (CONTINUED - 279 WORDS)