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NIORDC Ready to Transfer Stakes at Persian Gulf Refinery

Source: Shana 9/30/2012, Location: Asia

Managing director of National Iranian Oil Refining and Distribution Company (NIORDC) says Bank Mellat has expressed willingness to buy stakes at Persian Gulf Star oil refinery.

Speaking to Shana, NIORDCís managing director, Alireza Zeighami, said: We are engaged in fixing the price of stakes adding the cabinet has approved the move.

Referring to NIORDC, Oil Pension Fund Investment Co and Social Security Investment Co as the current stakeholders of the refinery, the official said NIORDCís 58 percent stake at the refinery will reduce to 20 percent and the remainder will be transferred to private sector.

ĎIf private sector to be interested in buying NIORDCís shares and accept the companyís conditions, NIORDC is ready to transfer its shares, NIORDCís official noted.

The 320 thousand barrels oil refinery that has been designed in three 120 thousand barrels train will change 30 percent of its intake into gasoline due to using gas condensate as feedstock and will become the largest gasoline making complex in the country by production of 36 million liters of gasoline per day.

On funding the project, Zeighami said based on an order by Iranian minister of petroleum, Naftiran intertrade Company (NICO) is obliged to invest one billion dollars in the project in several phases.

Stating that NICO has paid 700 million dollars so far, the official noted 310 to 320 euro had previously been allocated to the project by Foreign Exchange Reserve Fund Ďand procedures are under way for absorbing the moneyí.

According to Zeighami, in case of providing financial resources on time, the project that its cost is estimated at 3.5 billion dollars, will be implemented with more speed.

NIORDC top executive said Persian Gulf Starís construction work has made progress by 55 percent adding by providing needed equipments and their installation operations will gain momentum.

A 300-kilometer pipeline for transferring of feedstock from Assaluyeh to Bandar Abbas has been completed and now is passing test phase, according to Zeighami.

The first phase of the refinery is slated to come online with 120 thousand barrels refining capacity per day in first half of next Iranian calendar year up to September 2013.

Upon completion, the refinery will produce 55 million liters of oil products per day including 36 million liters of gasoline and 14 million liters of gasoil.

Production of 4 million liters of LPG, 3 million liters of jet fuel and 130 tons of sulfur per day are among the other products the refinery will yield. Oil products storage capacity of the refinery also stands at 11 million liters.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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