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News number: 8805170815

14:05 | 2009-08-08

Economy

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Iran to Boost Daily Gasoline Production

TEHRAN (FNA)- Iran plans to boost gasoline production capacities of its refineries in a bid to defuse a possible US sanction on the country's gasoline supplies.



Managing Director of the National Iranian Oil Refining and Distribution Company Noureddin Shahnazizade announced that the daily gasoline production in Iran will increase by 13 mln liters per day once the plan for the optimization of gasoline production in the existing refineries is completed.

He further pointed out that phase 1 of Abadan refinery will go on online by March, adding that the refinery is to produce 6 to 7 million liters of gasoline per day.

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.

Tehran, Tabriz, Isfahan and Bandar Abbas refineries have respectively targeted 1.8 mln, 900,000, 3 mln and 2.5 mln liters of daily increase in their output, the official went on saying.

Iran also plans to optimize Lavan, Isfahan, Tehran, Abadan and Arak refineries to increase their output respectively by 2, 6.4, 6.4, 6.2 and 11.5 mln liters.

The US Senate, in an attempt to intensify pressure on Tehran over its nuclear program, ratified a plan calling for sanctions against the companies that provide Iran with gasoline and oil products.

However, for this bill to be signed into a law, it should be ratified by the US House of Representatives and the US President, Barack Obama.

Earlier on Wednesday, Managing Director of Abadan refinery Alireza Abhaji said that Iran's daily gasoline production capacity will reach 50 million liters once the development plan for Abadan refinery is implemented.

"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," he noted.

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.