TEHRAN -- The Persian Gulf Star gas condensate refinery's contract has been concluded and is being implemented, the managing director of the National Iranian Oil Refining and Distribution Company (NIORDC) said here on Sunday.

"In its projects, the Persian Gulf Star Oil Company (PGSOC) will certainly benefit from the private sector's capabilities," PIN quoted Mohammad Reza Nematzadeh as saying on Sunday.

The PGSOC is a world-scale oil, gas, petrochemical, and energy corporation which is currently implementing a mega-refinery project to convert 404,000 barrels-per-stream-day (bpsd) of gas condensate into gasoline, diesel oil, jet fuel, liquefied petroleum gas, aromatics, and other products.

The company is a joint venture between the Star Petrogas Corporation, an international energy corporation led and managed by multinational engineers and professionals from the global oil, gas, petrochemical, and energy sectors, and a number of companies run by the Iranian Oil Ministry.

The condensate feedstock will be supplied by the National Iranian Oil Company (NIOC).

ENI subsidiary Snamprogetti Spa has been awarded a turnkey contract to be the engineering, procurement and construction contractor for the project.

The project began in April 2007, and the gas condensate refinery is scheduled to become operational in the first quarter of 2010.

Press TV - Indonesia's state-run Pertamina and Iranian Offshore Engineering and Construction are expected to develop the Laleh oil block in Iran.

The National Iranian Oil Company (NIOC) is expected to formally award the Laleh oil block to the two companies in mid-August as part of 17 separate oil and gas blocks that the Iranian government recently put on offer for exploration and development, Middle East Business Intelligence reported.

The deal will be under a buyback contract in which the Indonesian energy firm will receive remuneration for its investment in the form of an allocated production share over a 25-year period.

NIOC signed similar contracts with Italian Edison International and Croatia's INA Company in March and April respectively.

The Petrovietnam Exploration and Production Company (PVEP) also signed a four-year buyback contract with NIOC in February to develop the southwestern Danan oil field.

PVEP began implementation of the contract on August 1.

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