Energy

Iran to Boost Gasoline Refining Capacity

Iran says it has devised a serious plan to increase its refining capacity for crude and condensate by more than 70% within the next four years as it tries to cut its reliance on gasoline imports.

Abbas Kazemi, the managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), has been quoted by the media as saying that the plan is also meant to improve the quality of fuel sold on the domestic market.

Kazemi said that the plan envisages increasing the country’s refining capacity to about 3.2 million barrels a day by 2020 from 1.85 million currently by building five plants.

The country also needs about $14bn in investment to upgrade units at five existing refineries to produce gasoline that burns more cleanly than the grades currently available in the country, he added.

One of the new refineries, the 360,000 barrel-a-day Persian Gulf Star, is scheduled to start operating by March, Kazemi has been quoted as saying by Bloomberg. The refinery will process condensate, the light oil found in gas deposits. Iran is seeking to use its condensate to make gasoline for transportation or naphtha for use in chemical plants.

The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, the report added. The government will pay for Abadan plant’s modernization and is seeking investors to fund the others, the official emphasized.

Private companies are developing the Siraf condensate refinery complex at the southern port of Assaluyeh. The planned complex of eight units, each with a capacity of 60,000 barrels a day, will process condensate from South Pars into naphtha, Bloomberg added.

Iran plans also to build three new refineries: the 300,000 barrel-a-day Bahmangenoo plant at the port of Jask, a 150,000 barrel-a-day facility at Anahita in western Kermanshah province, and the Pars refinery, which will process 120,000 barrels per day of condensate.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

Recent Posts

IRGC: US Iran’s main enemy, Israel can’t survive without its support

The spokesperson and deputy head of public relations for the Islamic Revolution Guard Corps (IRGC)…

2 hours ago

Iran says increased number of its centrifuges in response to the IAEA resolution

The Atomic Energy Organization and the Iranian Foreign Ministry announced that, in response to the…

2 hours ago

Iranian, Belarusian tourism ministers meet on facilitating tourist movement

Iran's Minister of Cultural Heritage, Tourism, and Handicrafts, Seyed Reza Salehi Amiri, met on Thursday…

5 hours ago

Unscheduled visit by Qatari prime minister to Tehran sparks speculation

Reports emerged by Iranian daily Donya-e Eqtesad suggest that the Qatari Prime Minister and Minister…

21 hours ago

ICC issues arrest warrant for Netanyahu, Gallant for ‘war crimes’ in Gaza

The International Criminal Court (ICC) has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu,…

21 hours ago

Iran to respond to Europe’s “non-technical” move: Foreign Minister

As France, Germany, and the United Kingdom submit an anti-Iran draft resolution to the International…

21 hours ago