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

Iran: Three Nurses Dead from Burnout in One Month

Three nurses in Iran have lost their lives due to "excessive work" in the span of one month, the...

Iranian Chamber of Commerce Reports Worsening Economic Conditions

In its latest report on the state of the Purchasing Managers Index (PMI), the Research Center of the Iranian...

Canadian Intel: Tehran’s Operations in Canada Have Become More Aggressive and Widespread

The Canadian Security Intelligence Service announced in its annual report on foreign interventions in Canada in 2023 that during...

Price of Housing in Tehran At $1,340 Per Square Meter

Despite the housing market recession, the price of housing in Tehran increased in March 2024, with the average price...

Canadian Parliament Approves Proposal to Proscribe Iran’s IRGC

On Wednesday, May 8, members of the Canadian House of Commons unanimously voted to add the IRGC to the...

Iran’s Medical Society is in Crisis

Iraj Fazel, the head of the Surgeons Society and former Minister of Health of the Iranian regime, has warned...

Must read

Maliki plans to carry bid for power to Iraq courts

New York Times: Nuri Kamal al-Maliki said Wednesday that he...

Judge: Iran-backed company behind NYC office tower

AP: An office tower is subject to forfeiture because...

You might also likeRELATED
Recommended to you

Exit mobile version