Iran gasoline stock nears 1b liters

Business Materials 15 March 2010 11:28 (UTC +04:00)

Iran has boosted its gasoline inventories by around 944 million liters in the current calendar year (to end March 21) compared to the preceding year.

The amount shows a 58 percent increase year on year, the Islamic Republic of Iran Broadcasting reported without giving an exact figure for Iran's current gasoline storage capacity.

The daily consumption of gasoline has averaged 64.7 million liters which is 3.2 million liters less than the previous year's figure.

Some 2 billion liters of gas oil, 1 billion liters of kerosene, and 500 million liters of furnace oil have also been stored until now.

According to the report, some 44.7 million liters of gasoline, 90.2 million liters of gas oil, 18 million liters of kerosene, and 79.2 million liters of furnace oil have been daily produced in seven domestic refineries.  

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.