TEHRAN, March 12 (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said the first phase of Persian Gulf Refinery will come on-stream by min-2016 with a production capacity of 12ml/d of Euro-4 gasoline.

Speaking during a visit to the refinery in the southern city of Bandar Abbas, Hormuzgan Province on Saturday, Zangeneh said the refinery will be the largest gas condensate refinery in the country.

Once completed, the project will be fed by 360,000b/d of gas condensate and $3.2b have so far been invested for its construction.

Phase I of the project will add 12ml/d of gasoline to the country's output which will make Iran self-sufficient in production of the item.

"Provided that the required finances are supplied for the project, it will become fully operational by the end of the current administration, i.e. less than 1.5 years later," the official added.

He further said the National Iranian Fund of Iran (NDFI) is to be tapped for $700m for funding the project.

60% of the project's machinery and equipment has been supplied by Iranian manufacturers, added Zangeneh.

By SHANA