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    Wednesday, June 4, 2008

    Iran commits to 7 refineries in bid to end exports

    NICOSIA — Iran plans to construct seven oil refineries in an effort to achieve energy self-sufficiency.

    A senior Iranian official said the refineries would increase capacity by more than 1.5 million barrels per day and end gasoline exports.

    The official said all seven refineries would begin operations by 2012, Middle East Newsline reported.

    "The construction of seven refineries has started with the investment of 15 billion euro," National Iranian Oil Refining and Distribution Co. director Aminollah Eskandari said. "About 1.56 million barrels will be added to the country's capacity to refine crude oil and gas derivatives."

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    In 2006, Iran launched a five-year program to increase domestic refining capacity from the current 1.65 to 3.3 million barrels per day. In 2007, Teheran imposed gasoline rationing in what officials said led to a sharp decline in imports.
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