TEHRAN - The first Iranian GTL (gas to liquids) refinery will soon be launched in one of the Persian Gulf islands, Oil Minister Rostan Qasemi announced on Sunday. The refinery will have a daily production capacity of 10,000 barrels, the Mehr news agency reported. GTL is a refinery process which converts natural gas into gasoline or diesel fuel.
Iran's Oil Minister said the project is aimed at converting natural gas into value-added products such as naphtha, gasoline and gasoil.
Earlier in October, Qasemi said Iran plans to export higher value refined byproducts instead of crude oil, according to press TV.
"At present, Iran is not only self-sufficient in producing (byproducts such as) gasoline, but is also considering the export of certain products to other countries," the oil minister stated.
Iran sits on the world's second largest natural gas reserves after Russia.
The minister also told reporters on Sunday that phases of 15, 16, 17, and 18 of the South Pars gas field will go on stream in the next Iranian calendar year which begins on March 20, 2012.
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