6 May 2024 - 12:48
  • News ID: 640920
Abadan Oil Refinery Now Profitable, Petroleum Minister

SHANA (Tehran) - Iranian minister of petroleum, Javad Owji, says that the Petroleum Ministry has managed to change Abadan Oil refinery into a profitable one.

In a report to the cabinet on Sunday, 6 May, Javad Owji said that Abadan oil refinery’s second phase of development had been completed by relying on the capabilities of domestic contractors, experts and manufacturers, so that currently the refinery was one of the most profitable oil refining facilities in the country, with a 12 thousand billion rials, Iranian currency, profit last year.

“This profitability happens while the former minister of petroleum, in 2015, had announced the refinery as a loss-making business which should be transferred for free.”, minister of petroleum told in his report to the cabinet.

Owji said: Gasoline production at Abadan oil refinery has gone up from 8 million liters per day at the beginning of 13th administration in office in August 2021 to 15 million liters now, while gasoil output has risen to 19 million liters, up by 4 million liters when compared with its production when current administration took office.

According to him, the oil refinery sat on top of the list of oil products exporters at Energy and Commodity Exchange last year.

 He further noted that the hydrocracker unit of the refinery will come online over the next two months which will increase the value of its euro-5 gasoline production by another 3 million euros. 

Since taking office in August 2021, the number of Abadan oil refinery’s oil derived products has reached 34 items while three years ago it produced only 21 oil derived products amid creation of 1300 job opportunities over the last year and the potential to deploy another 600 workforce this year, the minister of petroleum concluded. 

News ID 640920


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