Managing Director of Tamin Petroleum & Petrochemical Investment Company (Tappico) Mohammad Hassan Peyvenadi said phases II and III of BAGCR will become operational by the end of the year as most of the equipment needed for completion of the project has been procured.
He said the refinery is a national project that can supply a range of petroleum products including Euro-4 gasoline.
"The condensate market is a limited market in the world, therefore we have to resort to projects that turn it into value-added products," he said.
Peyvandi said the refinery consumes 360,000 barrels of gas condensates on a daily basis which is supplied by 9 operating phases of the supergiant South Pars Gas Field.
Once all phases of the field become productive, Iran will produce one million barrels/day of condensate from the field, he said.
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