Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Namdar Zanganeh told the state TV on Wednesday that the value and volume of products derived from oil inside the country would significantly increase by 2021 despite sanctions imposed by the US on the industry.
He added that Iran eyes to produce over 100 million tons of petrochemicals a day by 2021 to meet an annual income target of $36 billion.
The minister said hitting the target would mean that Iran had almost doubled its output of refined products in eight years.
Faced with American sanctions that have restricted its sale of crude. Iran has sought to earn more from a developing downstream industry in its oil sector.
Exports of refined products have surged since the US imposed its sanctions on Iran in November. allowing the government to partly offset the lost revenue from direct oil sale.
Zanganeh said Iran’s next target in expansion of downstream sector of the oil industry would be to reach a target of 150 million tons of output in refined products in a few years’ time.
Also on Wednesday. Namdar Zanganeh said that his country stands atop members of the Organization of the Petroleum Exporting Countries (OPEC) in production of gasoline. stressing plans to increase exports.
`Last year. we produced 76ml liters of Euro (4) gasoline. At present the production has amounted to 115mln liters and we have 11mln liters excessive production and we will plan for its exports.` he added.
`In terms of gasoline production. we rank first in the OPEC.` he added.
Early this month. the cargo of Iran-produced gasoline exported to oversees was the first shipment of the home-made product to foreign countries. marking Tehran’s entrance into the global market of the fuel as a seller for the first time in history.
Chief Executive of the Persian Gulf Star Refinery (PGSR) Mohammad Ali Dadvar broke the news. saying that the first gasoline produced in the Persian Gulf Star Refinery was exported overseas.
The gasoline produced in this refinery is of high quality that was selected as the first Iranian exports cargo to neighboring countries and paneled in the international exchange ring entitled Exchange (IRENEX)`>.IRENEX.
He expounded on the details of first gasoline shipment of the country. and added. “more than a century has passed since the discovery of oil in Iran and we are delighted that the first gasoline is exported from the Persian Gulf Star Refinery (PGSR) as a historical event.
Turning to the first sales of Iran’s gasoline cargo. he added. “the first sales of Iran’s gasoline cargo was successful.
He described the shipment very successful as it was sold $20 above the market rate indicating high quality of the product.
