MNA – The third phase of the Persian Gulf Star Refinery (PGSR) would be inaugurated concurrent with the ten-day celebration of Islamic Revolution in early February.

Acting Head of Social Security Organization (SSO) Mohammad Hassanzad made the announcement in his weekly press briefing on Monday.

He put the production capacity of the refinery at more than 40 million lit./per annum, saying over €4 billion worth of investment has been put into this sector.

The Social Security Organization (SSO) holds 49 percent stocks share of the refinery, he said, adding, “in addition, a number of 15 development projects of the organizations would be launched on this auspicious occasion.”

Persian Gulf Star Refinery (PGSR), in the city of Bandar Abbas, southern Hormozgan province, is described as the Middle East's largest refinery, and is built in three phases. Each phase is designed to produce 12 million liters per day of high-octane gasoline and diesel, as part of efforts to wean Iran away from the fuels' import.

According to Mohammad Ali Dadvar, managing director of the refinery, Once the third phase goes on full swing, PGSR’s daily gasoline output will reach 40 million liters per day.