News ID: 99955
Publish Date : 12 February 2022 - 21:48

Minister: Iran Set to Revamp Refineries to Reduce Crude Sales

TEHRAN - Iranian Petroleum Minister Javad Owji has said that the country is doing its best to upgrade its oil refineries in terms of both quality and quantity in an effort to decrease the volume of exports in the form crude oil.
“The development of Iran’s oil sector and investment in the field are among the Iranian administration’s top priorities given the vast resources of oil and gas existing in the country,” Owji said.
“In the next three years, refineries will have a significant development both qualitatively and quantitatively. Besides creating jobs, such measures will help decrease the sales of crude and increase petrochemical products instead,” he added.
The Iranian oil minister pointed to the recent launch of Iran’s first super heavy oil refinery on the southern island of Qeshm, saying the country will operationalize the oil refinery in the southern city of Bushehr next year, with a refining capacity of 68,000 barrels of oil per day.
“In the next four years, the production capacity of the country’s refineries will reach 1.4 million barrels per day, which will create a turning point in the country’s oil industry,” Owji said.
Iran is making efforts to decrease the budget’s reliance on oil revenues and increase exports of refined oil products, something that will provide manifold added value.