BAKU, Azerbaijan, April 19. Iran could increase revenues from exports of crude oil, gas, gas condensate and related products to $150 billion a year, if fuel consumption in the country is halved in various fields, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.
He made the remark in an event dedicated to the signing of a memorandum of understanding between the Iranian Oil Ministry and the Tehran Municipality in Tehran on April 19.
Owji said that Iran's revenues from exports of crude oil, gas condensate and related products for the last Iranian year (March 21, 2021 through March 20, 2022) amounted to $43 billion.
The minister also added that although there is high energy consumption in Iran, the country also provides $80 billion worth of subsidies related to energy carries per year.
“The country consumes an average of 95 million liters of gasoline per day. The current price of gasoline in the world is 90 cents. It is possible to bring great revenues to the country by saving on consumption and increasing exports,” he noted.
According to Owji, an average of 850 million cubic meters of gas per day was supplied to the country's gas network in the last winter. Due to high gas consumption, there is an average deficit of 250 million cubic meters per day, which caused to restrictions on the supply of gas to industrial enterprises.
The minister also pointed out that according to estimates, $80 billion must be spent on the country's gas sector over 8 years to increase the country's gas production capacity to 1.4 billion cubic meters per day.
On April 19, 2022, the Iranian Oil Ministry and the Tehran Municipality signed a memorandum of understanding on cooperation in improving energy consumption. The memorandum was signed by Iranian Oil Minister Javad Owji and Tehran Mayor Alireza Zakani.
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