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News number: 8805111246

17:09 | 2009-08-02

Economy

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Official Highlights Plans to Foil US Sanction on Iran's Gasoline Supplies

TEHRAN (FNA)- A senior Iranian oil official on Sunday said that Tehran has worked out different options to defuse a fresh move by the US to sanction gasoline exports to the country.



"The US plan to sanction supply of gasoline (to Iran) is a failed plan for Tehran does not feel any concern for supplying its needed gasoline and all of the reservoirs are full of gasoline," Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz told FNA.

The comments by Jashnsaz came after 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.

"In the event the sanction bill against the companies that provide Iran with gasoline and oil products is approved, Iran will have no concerns for supplying its needed gasoline," Jashnsaz reiterated.

Jashnsaz reiterated that Iran's perceived methods for supplying its needed gasoline are fully-operational, and underscored that the move would yield no fruit for the US.

He stated that Iran can find other suppliers for its needed gasoline if current suppliers surrender to US pressures.

Reminding that Iran imports 22-25 million liters of gasoline per day, the Iranian oil official told FNA, "Iran's refineries produce 45 million liters (of gasoline) per day. There are various gasoline suppliers in the world. Thus, the plan for sanctioning gasoline supplies to Iran will leave no impact on the country's transportation system."

Jashnsaz said that the Islamic Republic already has 9 refinery development plans underway in a bid to increase domestic fuel production.

He further announced that Iran has worked out a strategic plan to supply domestic needs to gasoline within 48 hours in case any emergency arises.

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 very cheap pump prices, burdening the budget.

Iran's government started rationing gasoline in June 2007 and is scrambling to boost the country's refining capacity and tamp down domestic demand through other measures, including replacing gasoline-consuming car engines with gas-powered engines.