Iran Economy NewsIran says petrol self-sufficiency achieved

Iran says petrol self-sufficiency achieved

-

AFP: Oil Minister Masoud Mirkazemi said on Tuesday that Iran has attained self-sufficiency in producing petrol, a commodity targeted by world powers in new sanctions imposed against Tehran.

TEHRAN (AFP) — Oil Minister Masoud Mirkazemi said on Tuesday that Iran has attained self-sufficiency in producing petrol, a commodity targeted by world powers in new sanctions imposed against Tehran.

“We have attained daily domestic production of 66.5 million litres of petrol in our refineries,” Mirkazemi was quoted as saying on state television’s website.

He said Iran previously used to produce 44 million litres of petrol a day and imported 20 million litres in order to meet its domestic need.

“But we have been able to achieve this (higher) production over the past 20 days following the sanctions and mischief of some sellers who hiked petrol prices.”

Iranian officials claim the country’s daily petrol consumption amounts to around 64 million litres.

Iran recently said it had launched an emergency plan which could make it self-sufficient in petrol by the end of the current Iranian year to March 20, 2011. Prior to that Tehran said it would cover its own needs for the refined oil product by 2012.

Despite holding around 10 percent of world oil reserves and being the second-largest producer in the OPEC oil cartel after Saudi Arabia, Iran has had to import large volumes of petrol due to its lack of refining capacity and inefficiency problems.

Oil experts claim that in recent weeks Iran has been importing less of the product, which has been targeted in the latest round of sanctions by world powers.

Ahead of the June sanctions imposed by UN Security Council against Iran, several Western and European companies such as Total, Shell, and Vitol had stopped supplying petrol to the Islamic republic.

Since then Iran’s imported petrol needs have been largely met by Turkish and Chinese companies.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Hundreds of Iranian Entities Are Still Sanctioned by the US and for Good Reason

Iran Focus London, 14 Nov - In January 2016,...

Making or breaking friends with dictators?

In his remarks at the United States Military Academy...

You might also likeRELATED
Recommended to you