Iran's Esfahan Oil Refining Company announces savings due to import substitution
BAKU, Azerbaijan, May 30
By Elnur Baghishov – Trend:
Esfahan Oil Refining Company in Isfahan Province has saved 360 billion rials (about $8.5 million) by producing the necessary spare parts domestically in the last Iranian year (from March 21, 2019 to March 20, 2020), said Saeed Ehteramian, head of the department for the support of local production at Iran's Esfahan Oil Refining Company, Trend reports citing the company’s website.
According to Ehteramian, the company took steps to produce spare parts using the reverse engineering method to substitute their import.
Ehteramian added that 425 types of spare parts were produced with 69 billion rials (about $1.64 million) funds. A total of 48,600 spare parts were produced.
The official said that if the company imported this amount of equipment, it would have to pay 420 billion rials (about $10 million) for them.
"Currently, the Esfahan Oil Refining Company cooperates with more than 500 local companies. This Iranian year [began from March 20, 2020] important steps will be taken to further develop local production," he said.
Iran's Esfahan Oil Refining Company (EORC) was established in 1979. The company's refinery produces about 12 million liters of gasoline per day in accordance with the standard Euro 5 and 2 million liters of diesel in accordance with the standards of Euro 4 and 5.
With the commissioning of the company's diesel filtration plant in the current Iranian year, the company will produce 22 million liters of diesel daily in accordance with the Euro 5 standard.