Iran's President Hassan Rouhani on April 30 inaugurated the country’s first Euro-4 grade petrol facility, making the country self-sufficient in petroleum production, state-run SHANA news agency reported.
"By the opening of the first phase of this refinery, an old dream came true... We are self-sufficient in petrol production, and shortly we will be able to export," Rouhani reportedly said.
The refinery in the southern port of Bandar Abbas brings Iran's fuel production up to modern standards.
Iran’s cities have suffered from inferior-quality petrol and diesel in recent years due to economic sanctions that blocked the import of Euro-4 and Euro-5 fuels. in their absence low-quality fuel was created to fill the gap, causing masses of yellowish clouds to hover over cities.
The Persian Gulf refinery can currently produce 12mn litres of petrol per year, but when fully operational it will be able to make 36mn litres.
It was the nuclear deal between Iran and five world powers lifting sanctions in early 2016 that made it possible to imort the parts needed to construct the facility, Rouhani added.
Khatam al Anbia, a commercial engineering arm owned by the Iranian Revolutionary Guards Corps (IRGC), was awarded the plant construction contract in 2006, but the sanctions severely held up progress.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
US sanctions Iranian crypto exchange Nobitex over terrorism financing
The United States has imposed sanctions on Iranian cryptocurrency exchange Nobitex, the country's largest digital asset platform, along with several individuals linked to it, the Treasury ... more
Iran sets conditions for response to new US nuclear proposal
Iran has received a new written proposal from the United States aimed at reviving nuclear talks but has yet to respond, with senior officials saying Tehran's concerns must first be addressed, Fars ... more
Diplomatic progress prompts cautious resumption of Hormuz transit
The tentative reopening of the Strait of Hormuz has allowed critical LNG and crude tankers to resume transit amid progressing US-Iran diplomatic negotiations. WHAT: Shipping traffic has increased ... more