8 June 2015 - 13:29
  • News Code: 242415
Iran H/C Revenues Below $50b

TEHRAN June 08(Shana)--Iran’s first vice-president has said that the country’s revenue from oil and gas selling has fallen below $50 billion.

“The country’s oil and gas revenue was $118 billion in the [calendar] year 1390 [which ended in March 2012]. It has now fallen to below $50 billion,” Es’haq Jahangiri said.

He said that Iran, with a population of around 80 million, should become an important industrial hub in the region.

Oil and gas are indicators of development in Iran, he said, adding that Iran could bring about major changes in the region’s market by its economic development.

Jahangiri was speaking at the inauguration of Siraf refinery park, which comprises eight gas condensate refineries, in southern Iran.

Siraf is the first experience of Iran’s petroleum industry in gas condensate refining.

The project is expected to come on-stream in three years.

Siraf refining project will have a capacity of 480,000 b/d of gas condensate (eight 60,000 b/d refineries).

The refineries are expected to produce 25,000 b/d of liquefied petroleum gas (LPG), 128,000 b/d of light naphtha, 147,600 b/d of heavy naphtha, 29,600 b/d of jet fuel and 149,600 b/d of gas.

News Code 242415

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