• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 14 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Aluminum Prices Chase 2023 Highs

Aluminum Prices Chase 2023 Highs

Aluminum prices continue to rally,…

Kazakhstan and Azerbaijan Strengthen Trade Ties

Kazakhstan and Azerbaijan Strengthen Trade Ties

Kazakhstan and Azerbaijan are strengthening…

Iran Says It’s Now Self-Sufficient In Gasoline

Iran has launched the third phase of a new refinery, making the country self-sufficient in gasoline production, Iranian Oil Minister Bijan Zangeneh said on Monday.

At the opening ceremony of the third phase of the Bandar Abbas Gas Condensate Refinery, also called the Persian Gulf Star Refinery, the minister said that Iran’s gasoline production had more than doubled since 2013.

Despite holding large crude oil reserves, the Islamic Republic have been importing gasoline for its domestic needs for years, because under the previous Western sanctions, it couldn’t buy spare parts for refinery equipment and maintenance, and because of its low gasoline production capacity.

Last year, before the U.S. withdrew from the Iran nuclear deal imposing new sanctions on Iran, the Islamic Republic was making progress in cutting its gasoline imports and had set gasoline self-sufficiency as a high priority.

Most of Iran’s imports came from refiners in India, Southeast Asia, and North Asia. Back in April last year, Iran was aiming to end imports of gasoline by the end of 2018.

The three phases of the Persian Gulf Star Refinery, when completed, were expected to produce a total of 55 percent of Iran’s gasoline, in addition to 13.5 million liters per day of diesel.

Speaking at the inauguration of the new refinery unit on Monday, Zangeneh said, as quoted by the oil ministry’s news service Shana:

“Today, contrary to what was the case a decade ago that petrol imports could be subject to the sanctions, we are no longer an importer of the item and can even become a petrol exporter and the US cannot have a word to say in this regard.”  

ADVERTISEMENT

Iran could export some of the gasoline, but it will not do it because it wants to boost its domestic stockpiles of the product, the oil minister added, as carried by Shana.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News