Talking to reporters, Afshin Kiani estimated that the two phases of the refinery’s annual revenues would be around 500 million dollars.

He said the project operations started in 2013 and the Petroleum Engineering and Development Company (PEDEC) was in charge of implementing the project, adding the responsibility was handed over to the Persian Gulf Petrochemical Industries Company (PGPIC) in 2016, when it saw 21 percent progress.

The project, Kiani continued, is aimed at protecting the environment and collecting associated petroleum gases from Yadavaran, South and North Azadegan, South and North Yaran, Darkhoein, Sohrab, Jofeir, Sousangerd, and Band-e Karkheh fields.

According to him, the project comprises two phases, with each phase having a daily APG processing capacity of 250 million cubic feet.

All sections of the first phase of the project are ready for operation and will be inaugurated in the presence of high-ranking officials within the next days.

The CEO of the Persian Gulf Hoveyzeh Gas Refining Company said products with further added value will be produced after gathering associated petroleum gases.

The official stated 97,000 barrels of liquefied natural gas (LNG) will be transferred to Bandar Imam Petrochemical Company (BIPC) through a 185-kilometer pipeline and 360 million cubic feet of sweet gas will be injected into the national grid daily.

Kiani explained that 80 to 85 percent of the equipment used in the project have been manufactured domestically, adding its license is fully local.

The second phase of the Persian Gulf Hoveyzeh Gas Refining Company has so far witnessed 80 percent physical progress and is expected to be completed within a year, said the official.