Persian Gulf Star Refinery, also known as Bandar Abbas Gas Condensate Refinery, is a new gas condensate refinery being developed near Bandar Abbas, Iran. It will have a processing capacity of roughly 360,000 barrels of gas condensate a day upon becoming fully operational in 2018. The facility is owned by Oil, Gas and Petrochemical Investment Company (49%), Oil Industry Pension Fund (33.1%) and National Iranian Oil Refining and Distribution Company (NIORDC) (17.9%). The project is estimated to be completed at a cost of approximately $3.4bn. Phase one of the refinery was officially inaugurated in April 2017, while the first shipment of gasoline was delivered for distribution in June 2017. The remaining two phases are scheduled to be commissioned by May and March 2018. The refinery will produce high-quality gasoline in order to make Iran self-sufficient in gasoline production. It will also enable the nation to export gasoline and other high-value products to foreign countries. The gas condensate refinery will be the first of its kind in Iran and is located on 700ha of land on the western side of the existing refinery, approximately 25km away from Bandar Abbas. Each of the three phases of development are designed to produce 12 million litres a day (Ml/d) of Euro-IV grade gasoline, 4.5Ml/d of Euro-IV diesel, 1Ml/d of kerosene and 300,000l of liquefied petroleum gas (LPG) a day. The gas condensate to be refined is supplied from the South Pars offshore gas field, which is located in the territorial waters between Iran and Qatar in the Persian Gulf.