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Official: Iraq alone can buy all of Iran's surplus gasoline

Oil&Gas Materials 22 November 2019 20:02 (UTC +04:00)
Official: Iraq alone can buy all of Iran's surplus gasoline

TEHRAN, Iran, Nov. 22

Trend:

Iran could export gasoline for over $5 billion a year, equivalent to export of about 300,000 barrels of oil a day, the spokesman for the Union of Petroleum Exporters Sayyed Hamid Hosseini said, Trend reports citing IRNA.

“Iran's gasoline production capacity is currently 115 million liters per day. The rise in gasoline price will lead to reduce in the country's consumption to 85 million liters per day, which will provide the potential to export 30 million liters of gasoline per day,” Hosseini said.

Hosseini added that 30 million liters of gasoline is equivalent to 193,000 barrels of gasoline, valued at $14-$15 million, and exporting it could bring the country some $5 billion in revenues annually.

Noting that $5 billion is equivalent to exporting 100 million barrels of oil annually, he emphasized that in fact, the export of gasoline would be equivalent to the daily export of 300,000 barrels of crude oil.

Pointing to the currency situation in Iran, the spokesman continued that exporting gasoline could be helpful.

"In the past two months, export of petroleum products has been transferred to the Energy exchange and during this period every gasoline offer in Energy Exchange has turned into a purchase,” Hosseini added.

He added that Afghanistan, Pakistan and African countries are purchasing Iran's gasoline, and Iraq is ready to purchase it without bids.

Hosseini said that Iraq alone can buy Iran's entire surplus gasoline.

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