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Iran Plans to Counter U.S. Gasoline Sanctions by Raising Output

Mar 16, 2010

By Ladane Nasseri

March 16 (Bloomberg) -- Iran plans to counter U.S. legislation to halt gasoline exports to the country and can secure its domestic fuel needs, Iranian Oil Minister Masoud Mir- Kazemi said.

“Under an urgent plan, Iran will boost gasoline production by 14 million liters per day if the country finds it necessary,” Mir-Kazemi was quoted as saying yesterday by state- run news channel Press TV. Mir-Kazemi didn’t provide details.

Iran produces 44.7 million liters of gasoline a day at its seven refineries, the report said. The world’s fourth-largest oil producer, Iran imports at least a third of its fuel because it lacks refinery capacity.

The U.S., seeking to pressure Iran over its nuclear program, passed a law in January to expand sanctions against foreign companies that sell refined products to the Persian Gulf country.

Iranian officials have played down U.S. measures seeking to halt the country’s imports as being ineffective and say they have the means to diversify their fuel supplies.

The country is to complete work at its Abadan and Shazand refineries in the coming Iranian calendar year starting March 21, which would allow an additional 11.6 million liters a day of output, state media said March 1.

To contact the reporter on this story: Ladane Nasseri in Beirut at lnasseri@bloomberg.net.