Iran's annual revenues from gasoline exports may reach $4B

Business Materials 9 December 2019 17:23 (UTC +04:00)
Iran's annual revenues from gasoline exports may reach $4B

BAKU, Azerbaijan, Dec. 9

By Elnur Baghishov - Trend:

Iran's annual revenues from gasoline exports may reach $4 billion, Spokesman of Oil, Gas & Petrochemical Products Exporters' Association (OPEX) Hamid Hosseini said, Trend reports via IRIB.

Imposing quota on petroleum purchases in Iran, made it possible to export 25-30 million liters of petroleum daily, Hosseini said, adding that currently, Iran exports bitumen, paraffin, oils, gasoline, diesel and fuel oil.

There is a big market for Iran's oil products in the neighboring countries, Hosseini noted.

The OPEX spokesman noted that Iran produces 115 million liters of gasoline daily, and it is estimated that 60-65 million liters of will be daily consumed in line with the quota and 20 million liters will be consumed domestically free from quota.

According to Hosseini, oil products do not face problems such as the export of crude oil, and oil products are exported to neighboring countries through land borders, and Iranian customers are usually from the private sector.

"Therefore, US sanctions against Iran are ineffective," he added.

Some of the gaps in the country's currency reserves, caused by problems in crude oil exports, may be filled with the exports of various oil products, Hamid Hosseini said.

US imposed sanctions against Iran in November 2018 and further expanded them in various stages. The sanctions significantly dwindled Iran's oil exports. On Nov. 15, 2019, the price of gasoline sold on quota increased from 10,000 rials ($0.23) to 15,000 rials ($0.35) and the price of gasoline sold free from the quota increased to 30,000 rials ($0.71).