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News number: 8805141609

19:26 | 2009-08-05

Economy

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Iran to Boost Daily Gasoline Production to 50 mln Liters

TEHRAN (FNA)- Iran's daily gasoline production capacity will reach 50 million liters once the development plan for Abadan refinery is implemented, a senior Iranian oil official announced on Wednesday.



"Once the development plan of phase three is implemented and the capacity of Abadan refinery is stabilized in the second half of the current (Iranian) year, the gasoline production capacity of Abadan refinery will reach 17 million liters per day," Managing Director of Abadan refinery Alireza Abhaji said.

Abadan refinery located in the oil-rich southwestern city of Abadan near the country's Persian Gulf coasts is Iran's oldest refinery which started operation in 1912.

The Iranian official added that the phase 3 of the development project of Abadan refinery was started in May 2006 and is expected to be finished within 36 months.

He underlined that the project needs 350 million Euros plus 970 billion Rials (around USD100 million) of investment.

Abhaji pointed out that once the project is completely implemented, the gasoline production capacity of Iran's 9 active refineries would reach a record high of 50 million liters per day.

Iran is the world's fourth-largest exporter of crude oil but due to the lavish consumption of heavily subsidized fuel by Iranian drivers, the country cannot meet the domestic gasoline needs, and is forced to import large amounts which it then sells at very cheap pump prices, burdening the budget. Iran imports 22-25 million liters of gasoline per day.

Earlier in July, Abhaji announced that a Chinese oil company is due to pick up a major role and invest large sums in the development of Abadan refinery.

"The company is due to participate in phase 3 of the development project of Abadan refinery through 1050 billion Rials (approximately USD105 million) of investment," he said at the time.