Tehran will invest $8 billion to improve the efficiency of its refineries in order to boost its export capacity, as sanctions against Iran ease.Â
The funds will be used to redevelop and maintain refineries at Tehran, Arak, Abadan and Bandar Abbas, according to Mohammad Ziar, spokesman for the National Iranian Petrochemical Company.
The improvements to the facilities will also allow Iran to produce a wider range of export products. Gasoline produced in Iranian refineries currently meets Euro-2 standards. The upgraded refineries will be capable of producing gasoline that meets both Euro-4 and Euro-5 standards.
The country’s gasoline output is projected to hit 70 million litres per day by the end of the next Iranian calendar year.
Diesel fuel production is projected to reach 95 million litres per day by the end of the current Iranian year, with 25 million litres of the output meeting euro-4 and euro-5 standards.
Â
