TEHRAN, Jan. 27 (Mehr News Agency) — The Oil Ministry has agreed to allow the private sector to construct two refineries in Qeshm, the managing director of the National Iranian Oil Refining and Distribution Company (NIORDC) said on Saturday

A gas condensate and a crude oil refinery, with capacities of 120,000 and 160,000 barrels per day (bpd) respectively, will be built in Qeshm, Mohammad Reza Nematzadeh noted during a visit to the crude oil conveyance pipeline currently being constructed from the Persian Gulf island of Qeshm to the Bandar Abbas Refinery.

The official explained that the project to convey crude oil from Qeshm to Bandar Abbas is being implemented by the private sector and the Oil Industry Investment Company (OIIC).

Calling for an investment worth $140 million, the project is 70 percent complete in terms of earth-moving operations, he noted, adding that it is expected to come on stream in early 2008.

Nematzadeh also said that the Oil Ministry is paying special attention to giant oil and gas projects in Qeshm and Bandar Abbas.