TEHRAN - Iran exported over $1.4 billion worth of gasoline in the first seven months of the current Iranian calendar year (March 20-October 21, 2020).

The country exported nearly $490 million worth of the mentioned commodity during the previous Iranian calendar year 1398 (ended on March 19, 2020).

The significant increase in the country’s gasoline production and exports comes despite the fact that nearly two years ago Iran was an importer of the strategic product, shipping in over 4.5 million liters per day of gasoline.

Iran became a net gasoline exporter in February 2019, after the inauguration of the third phase of the Persian Gulf Star Refinery (PGS) project which added 120,000 barrels to the country’s daily gasoline production.

The increase in the exports of the mentioned commodity is a result of the increase in the country’s refining capacity and the decline in domestic consumption following the implementation of a rationing program.

Over the past seven years, Iran’s refining capacity has increased by about 500,000 barrels per day (bpd), according to the National Iranian Oil Refining and Distribution Company (NIORDC).

The country’s refining capacity which stood at 1.8 million bpd in the Iranian calendar year 1392 (ended on March 20, 2014) has currently reached 2.3 million bpd.

There are currently 10 refineries operating in the country, nine of which are processing crude oil, and one is specially designed for refining gas condensate.

Iran exported over $1 billion worth of gasoline in the first five months of the current Iranian calendar year (March 20-August 21, 2020), following a decrease in consumption and increase of production in the country.

Despite the sanctions and the outbreak of the coronavirus, industry data indicate that Iran not only managed to continue exporting some volumes but actually boosted exports almost three-fold in the mentioned period compared to the previous year.

Back in November 2019, the deputy finance and economic affairs minister said the fuel rationing plan would make the country able to export 3.65 billion liters of gasoline every year and earn about 14 trillion rials (about $3.3 billion) from the exports.

EF/MA