Iran’s oil minister Javad Owji says that as of early August, Iran’s refining capacity is “close to” 2.3mn b/d. The government is advancing plans for two greenfield refineries with combined capacity of 600,000 b/d, which if completed will bring this up towards 2.9mn b/d.
With sanctions restricting Iran’s access to funds, material and much needed technologies, big question marks remain over the viability of the two keystone projects. Let alone Iran’s plans to reach 3.5mn b/d refining capacity by 2025-26. But Tehran can ill afford to neglect its downstream sector, with its tenuous position as a net gasoline exporter increasingly under threat as domestic demand grows. A switch to gasoline imports would be a major blow to Tehran’s finances. (CONTINUED - 1155 WORDS)