Iran needs to import large amount of fuel

Jun 09, 1998 02:00 AM

Apr. 8, 1998 Iran, a major oil exporter, imported some $ 700 mm worth of refined petroleum products in the year to March, up 15 % on the previous year
The country imported 4 billion litres of petrol and kerosene worth $ 700 mm to meet local demand. It is not clear where the imports came from.
Iran's 8 refineries have been unable to cope with rising consumption. The country imported $ 610 mm worth of refined products in the previous year.
The imports were far above the $ 230 mm predicted in the government budget for the Iranian year which ended on March 20. The import bill has made worse the budget deficit caused by falling oil income due to declining crude prices.
Domestic consumption of oil products was about 1.5 mm bpd, a recent report said.
As well have the heavy state price subsidies boosted demand and led to waste and smuggling of cheap fuel to neighbouring countries.
Officials have warned that crude exports could end before the year 2020 if domestic demand was not curbed.
Iran said last year it planned to halve its refined oil products import bill to $ 300 mm after the opening of a new 232,000 bpd refinery near the Gulf port city of Bandar Abbas, which came onstream in July. But the refinery has yet to reach full capacity due to equipment problems.
An official said last month Iran needed to import $ 460 mm worth of oil products in the current Iranian year which runs to March 20, 1999.

Iran is the world's third largest oil exporter behind Saudi Arabia and Norway.

Source: not available
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