20 January 2019 - 16:02
  • News ID: 286957
Iran Petrol Output at 95 ml/d

TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrol production capacity stood at 95 million liters per day, up 83% from 2013, when President Rouhani's first term began in office.

Addressing the parliament, Mr. Zangeneh said production of petrol had increased from 52 ml/d in 2013 to currently 95 ml/d which showed an unprecedented growth in the item’s production capacity.

He said Iran no longer imported the fuel and no amounts were allocated to petrol imports in the national budget bill for the next fiscal year.

Recovery Rate

The official further said that the recovery rate of oil reserves stood at an average of 29 percent in Iran which could not be increased due to lack of access to state-of-the-art technologies in oil industry.

Each percent of increase in recovery rate would generate $500 billion in revenue for the country, he argued, adding Iran could expect to recover 154 billion oil barrels at the current recovery rate which could increase by tapping new technologies.

The official further added that a number of deals had been signed with domestic universities for carrying out studies on upstream and downstream projects. 

Strategic Items

He also stated that his ministry had prepared a list of 10 strategic families of items to be produced domestically, adding the contracts for production of the lion’s share of the items had been signed.  

The official further said that projects valued at $6 billion for production maintenance and enhancement of oil fields had been defined in the petroleum ministry.  

Petchem Output

He further said that Iran’s petrochemicals production capacity stood at 20 billion dollars from hardly a billion dollars back in 1997 when he first took office as Iranian petroleum minister.  

Zangeneh said Iran’s petrochemicals output could reach $18 billion this calendar year, which began on March 21.  

News ID 286957

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