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Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports

  • Country needs $14 billion to upgrade five processing plants
  • Iran raising refining capacity to 3.2 million barrels a day
A picture shows an oil facility in the Khark Island, on the shore of the Gulf, on February 23, 2016. Iran's Oil Minister Bijan Namdar Zanganeh dismissed an output freeze deal between the world's top two producers Saudi Arabia and Russia as 'a joke', the ISNA news agency reported. / AFP / STR (Photo credit should read STR/AFP/Getty Images)
Photographer: STR/AFP/Getty Images
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Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline.

The Persian Gulf oil producer will raise capacity to about 3.2 million barrels a day by 2020 from 1.85 million currently by building five plants, Abbas Kazemi, managing director of National Iranian Oil Refining & Distribution Co., said in an interview in Tehran. The country also needs about $14 billion in investment to upgrade units at five existing refineries to produce gasoline that burns more cleanly than grades currently available in the country, he said.