Iran gasoline stock surpasses 2.3b liters

Business Materials 23 January 2010 10:49 (UTC +04:00)

Iran boosted its gasoline inventories by 750 million liters in the first ten months of the current calendar year (began March 21, 2009) compared to the preceding year.

The nation's current gasoline stock stands at 2,350 million liters which is unprecedented in the previous decade, the Mehr News Agency reported.

It is estimated that the amount would rise to 2.5 billion liters by March 2010.

Domestic refineries produce some 44 million liters of gasoline and 87 million liters of gas oil per day.

Iran plans to daily import some 22 million liters of gasoline and nine million liters of gas oil by the end of the year to meet its domestic demand.

Iran is the world's fifth-largest crude exporter, but it still has to import up to 40 percent of its gasoline supplies as it lacks the refining capacity to meet domestic demand. The United States and its European allies may target fuel imports, Reuters reported.

Iranian Oil Minister Masoud Mirkazemi had previously said that the country is prepared to deal with any possible sanctions on its imports of gasoline that world powers might impose.

President Mahmoud Ahmadinejad had also rejected the possibility of imposing sanctions on Iran's gasoline imports and urged the Oil Ministry to build refineries more quickly to make the country self-sufficient in gasoline production.