Iran gasoline exports hit $1.4b in 7 months

Finance Materials 1 January 2021 20:56 (UTC +04:00)
Iran gasoline exports hit $1.4b in 7 months

Iran as an active exporter in the Middle East region could earn about 1.4 billion dollars from gasoline export during the seven months of the current Iranian calendar year (March 20-October 21), Trend reports citing İRNA.

Iran was an importer of gasoline until two years ago, which imported up to 4.5 million liters per day, but it is now one of the exporters of the strategic product in the region and the world. In 2006, Iran had to import over 27 million liters of gasoline per day, leading to the outflow of foreign currency and the dependence on energy security.

Such a dependence turned gasoline embargo as the top item of sanctions imposed on Iran; so, the country was even forced to change the process of some petrochemical companies to substitute reformate instead of gasoline in order to avoid any fuel shortages.

The government of President Hassan Rouhani paid attention to create proper capacity for gasoline production inside the country; thus, the increase of production and the improvement of quality of old refineries were carried out.

As a result of the development of Iran's refining industry and the accomplishment of the Setareh Khalije Fars Refinery, the production capacity of crude oil and gas condensate has reached 2.2 million barrels per day; so the country does not need to save money to import gasoline.

Amid Venezuela was facing a big crisis because of the country’s shortage of fuel, Iran could help the Latin American state thanks to the Setareh Khalije Fars Refinery’s production, and the Islamic Republic could show its power and authority in facing US bullying policy.

The refining capacity of the Islamic country has increased to 2.3 million barrels per day in the current Iranian year compared to 1.8 million barrels per day seven years ago, according to the National Iranian Oil Refining and Distribution Company.