President Hassan Rouhani on Thursday launched the second phase of Persian Gulf Star refinery in southern province of Hormozgan.
Once the new phase of the huge refinery starts its operation, the country’s daily production of Euro-V petroleum will increase from 12 million litres per day to 24 million.
Speaking upon his arrival in the province, Rouhani hailed the refinery as a “unique project in the region and the world”, Fars News Agency reported.
The refinery is expected to make Iran self-sufficient in the production of petroleum.
The first phase of the refinery was opened last year, when it started producing 12 million litres of Euro IV petroleum.
Iran currently produces almost 64 million litres of petroleum a day and imports 12 million liters to meet domestic demand.
The next two phases aim to raise total production of Euro IV and Euro V petroleum to 36 million litres a day, raising Iran’s total output to 100 million litres.
The construction of the refinery was started 11 years ago, but international sanctions imposed over Tehran’s nuclear work slowed down the project.