Iran plans to spend $14B to upgrade refineries

Business Materials 6 December 2016 15:17 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Emil Ilgar – Trend:

Iran plans to invest $14 billion to upgrade six oil refineries, the Managing Director of National Iranian Oil Products Refining and Distribution Company (NIOPRDC) Abbas Kazemi said, Fars reported Dec. 6.

Currently, Iran produces about 61 million liters per day of gasoline, of which about 21.5 million liters is Euro 4 based. Iran also imported 12 million liters per day of gasoline to meet the domestic demand during the first half of current fiscal year, started on March 21.

Touching upon the compressed natural gas (CNG) projects, Kazemi said that during last five years this sector hasn’t progressed, but this sector should be focused on seriously.

Kazemi also said that the upgrade of the Abadan refinery will start on Dec. 7 to produce Euro 4 based gasoline.