Gasoline exports hit over $1b in five months

October 4, 2020 - 12:18

TEHRAN - Iran exported over $1 billion worth of gasoline in the first five months of the current Iranian calendar year (March 20-August 21), following a decrease of consumption and increase of production in the country.

Despite the sanctions, industry data indicates that Iran has not only managed to continue exporting some volumes but actually boosted exports almost three-fold in the mentioned period compared to the previous year.

The significant increase in the country’s gasoline production and exports comes despite the fact that nearly 15 years ago Iran was importing over 10 billion liters of gasoline every year.

Iran became a net gasoline exporter in February 2019, after the inauguration of the third phase of the Persian Gulf Star Refinery (PGS) project which added 120,000 barrels to the country’s daily gasoline production.

Gasoline consumption has also decreased by about 35 percent in the country following the implementation of the rationing program by the government and the decline in the trips and travels due to the outbreak of the coronavirus.

According to the Secretary of Iranian Oil, Gas, and Petrochemical Products Exporters Union (OPEX) Hamid Hosseini, the gasoline rationing scheme has made it possible for the country to export 25-30 million liters of gasoline every day.

Back in November 2019, the deputy finance and economic affairs minister said the fuel rationing plan would make the country able to export 3.65 billion liters of gasoline every year and earn about 14 trillion rials (about $3.3 billion) from the exports.

The daily processing capacity of Iranian refineries has reached 2.3 million barrels, according to Alireza Sadeq-Abadi, the managing director of National Iranian Oil Refining and Distribution Company (NIORDC).

There are currently 10 refineries operating in the country, nine of which are processing crude oil, and one is specially designed for refining gas condensate.

EF/MA

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