BAKU, Azerbaijan, May 29. The Iranian National Company for Refining and Distribution of Petroleum Products 4 project will be put into operation in the coming weeks, the statement of Iran's Oil Ministry said, Trend reports.
Meanwhile, these initiatives have incurred a total expenditure of $784 million.
Iran's Oil Ministry notes that over the past 33 months, the country's refining of crude oil and gas condensate has increased by 13 percent. Thus, when the current government came to power (Iran's current government has been in power since August 2021), refining crude oil and gas condensate was 2.1 million barrels daily. This figure currently stands at 2.37 million barrels per day.
To note, projects worth $4.6 billion will be commissioned in Iran in the coming weeks.
Currently, Iran's 10 refineries process 2.25 million barrels of crude oil and gas condensate daily. At present, more than 70 percent of the gasoline and diesel produced in the country - 75 million liters of gasoline, 70 million liters of diesel - are produced to Euro-4 and Euro-5 standards. It is expected that by March 20, 2027, more than 75 percent of the gasoline and diesel produced will be produced to Euro-4 and Euro-5 standards.
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