Zanganeh: Iran Turns into Gasoil Exporter

Addressing an oil, gas and energy congress in Tehran, Zanganeh said Iran has gained such a success, though it used to be an importer of the fuel in the past three years.

Zanganeh then referred to operation of the first phase of Persian Gulf Star Refinery and said once the first phase of the refinery is operational, Iran will not need to import gasoline, while standing as exporter of oil products.

He then referred to Siraf refining project and said once eight Siraf refineries are completed, their total gas condensate refining capacity will reach 480,000 barrels a day.

Concluding his remarks, Zanganeh underlined investment in Iranian oil industry. “Undoubtedly, combination of the domestic and foreign investment and application of the world’s latest technology will help completion of the upstream to downstream chain of the oil industry.

The minister said the new model of oil contract will be used in the sector and since investment in the oil industry is required on a large scale, it will not be logical to rely on the National Development Fund sources. “One more point: the Fund does not just belong to the oil industry and other economic sectors should benefit from it.”

He said the investments will entail huge demand for industries and services of Iranian and foreign companies, resulting in creation of hundreds of job opportunities and growing national wealth.

Concluding his remarks, the minister said both private and government sectors should cooperate for development of the oil industry.