UPI: Iran is scheduled to become the most prolific oil refiner in the region within four years, eclipsing Saudi Arabia, energy officials said.
United Press International
TEHRAN, Sept. 17 (UPI) — Iran is scheduled to become the most prolific oil refiner in the region within four years, eclipsing Saudi Arabia, energy officials said.
Aminollah Eskandari, a director of the National Iranian Oil Refining and Distribution Co., told reporters the refining capacity in Iran would reach 3.3 million barrels per day by 2012, the Islamic Republic News Agency reported Wednesday. Saudi Arabian capacity stands at 2.1 million barrels per day.
Eskandari said Iran is ranked first among Persian Gulf states in investments in refinery, with nearly $22 billion slated for seven new refineries.
"Given the economic growth of big consumers such as India and China, oil-producing countries have made huge investments in oil refining," he said.
He noted the Iranian refining capacity will double once the new refineries come online.
The current refining capacity for Iran is roughly 1.75 million barrels per day.