TEHRAN — The gasoline production will be increased to over 140,000,000 liters per day within the next five years through implementing projects to set up and develop refineries and offsite utilities, Alireza Babaii, the managing director of Iran Oil Engineering and Construction Company (IOEC) said on Monday.

This is an increase from the current amount of 40,000,000 liters per day, he added.

Also, the national refining capacity will be increased to 2,500,000 barrels per day (bpd), a growth from the existing amount of 1,620,000 bpd, he noted.

To realize these objectives, investment worth $14 billion is required, he noted.

Babaii explained that the refining capacity will be boosted through setting up new crude oil refinery and a condensate one in Bandar Abbas, as well as another refinery in Abadan. As a result of implementing these projects, the gasoline production will be boosted as well, he added.

“New refinery in Abadan will be set up with the aim of refining 160,000 barrels heavy crude oil, increase of refining capacity from 180,000 to 340,000 bpd, and growth of gasoline production as much as 8.4 million liters per day,” he noted.

Abadan Refinery has been recently renovated, which has helped the refining capacity increase by 50,000 bpd. It has also resulted in increase of gasoline production by 1,500,000 liters per day, he further stated.

Elsewhere in his remarks, the managing director elaborated on the results of boosting capacity in Isfahan Refinery, naming them as increase of the gasoline production to 140,000,000 liters per day and decrease of fuel oil production In Tehran Refinery, a project was carried out with the aim of decreasing fuel oil production, and growing gasoline production by 4,700,000 liters per day. The official added that the current feed of Tehran Refinery is crude oil, “And changing the feed to a mixture of Iran’s crude oil and that of the Caspian Sea littoral states was another purpose of the project.”