Iran boosts gasoline production, cushions sanctions

Reuters, Saturday 27 Nov 2010

Iran reduces its dependency on gasoline imports as local production reaches more than one billion liters since last July

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Iran has produced more than a billion liters of gasoline since July, in an effort to make the country less vulnerable to sanctions over its disputed nuclear programme, the Oil Ministry's website Shana said on Saturday.

Oil Minister Masoud Mirkazemi said Iran had been able to cut dependence on imported gasoline substantially since the implementation of an emergency gasoline production scheme at the country's petrochemical units which went into effect in July.

"So far more than a billion liters of premium gasoline have been produced at domestic petrochemical units and distributed," Shana reported him as saying.

"The import of gasoline ... stood at 20-22 million liters a day before the implementation of the emergency plan."

He did not specify the level of current gasoline imports to Iran, the world's fifth-largest oil exporter.

Iran's current gasoline production stands at around 45 million litres a day with daily national consumption of around 63 million liters, Iranian media reported last month.

International sanctions have been imposed on Iran over its nuclear activities, which the United States and its allies say are aimed at producing weaponry. Iran denies the claim.

Mirkazemi, echoing Iran's official stance, said: "Fortunately, we can assure the nation that these sanctions have created no problems in any areas."

Iran says it needs around $25 billion a year in oil and gas industry investment annually to meet its target development goals because sanctions have frightened away international energy firms.

 

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