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EXECUTIVE SUMMARY

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1. EXECUTIVE SUMMARY

NIORDC is planning to construct a gas condensate refinery Park in Southern Iran at

Asalouyeh. Initial capacity is 480,000BPD. A preliminary scheme selection has been made.

This report presents the results of the feasibility study undertaken by NIORDC to

demonstrate the economic and financial viability of the proposed refinery investment.

The refinery will process stabilized gas condensate taken from different phases of the

South Pars Oil and Gas projects. The main design objectives are to produce refined

products that meet desired specifications

2 main process configuration options were considered in this work. An overall refinerymaterial balance was derived using an LP based approach to determine distillate/product

cut-points that maximize the economic return from the refinery and allow all product

specifications to be met. Each option was then evaluated in terms of its CAPEX, OPEX,

utility usage and Internal Rate of Return to enable one specific configuration to be

identified. Feedstock and product prices used in this study have been provided by

NIORDC.

3.1 Description of Refinery Facilit ies

The proposed refinery configuration consists of the process units with their respective

capacities presented below:

Process Units Capacities (BPSD)

Condensate Fractionation Unit (CFU) 60000

LPG recovery Unit (LRU) 3100

LPG Treatment Unit (LTU) 3100

Naphtha Hydrotreater (NHT) 34450

Kerosene Treatment Unit (KTU) 3700

Refinery products are:

LPG

Light Naphtha

Heavy Naphtha

Jet A1

Diesel

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All utilities are assumed to be imported.

All gas used for firing will be sweet fuel gas. There is no anticipated demand for fuel oil

firing. On this basis, atmospheric emissions from the refinery are likely to be low.

Feedstock is supplied to the site via a 2 km pipeline from Asalouyeh. Refined products are

exported from site via pipelines tobe exported jetty.

3.2 Refinery Material Balance

The refinery material balance that developed by NIORDC for the refinery is as below:

Table 3.1 - Refinery Material Balance

Feed bbls/day T/day

Condensate60000 7131

Products

LPG3100 294.6

Light Naphtha16000 1718.7

Heavy Naphtha 18450 2183.2

Jet Al3700 456.5

Diesel18739 2447.97

Fuel gas production (T/day) - 20

Sulphur production (T/day) - 10

3.3 Product Quality

The proposed refinery configuration successfully meets required specification.

3.4 Process Licensor Considerations

To establish a basis for future technology selection for the Refinery, NIORDC contactedpotential licensors with a general inquiry to solicit their interest in, and ability to participate

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Table3.3 - economic parameters

60,000 BPSDEconomic parameter

265CAPEX ($US million)

37.7OPEX ($US mil lion/year)

1760Feedstock costs (US$ milli on/year)

1980Product revenues (US$ milli on/year)

45IRR (%)