refineries Archives - Iran News Daily

Two New Refineries to Be Launched

siavash — Sun, 18 May 2025 12:51:56 +0000

Two New Refineries to Be Launched

TEHRAN (Iran News) Mohammad Sadegh Azimifar stated that NIORDC has outlined several key strategic priorities in line with the 14th government’s strategic roadmap. He emphasized that the primary objective is to expand the refining industry and boost the production of high-quality fuels—goals that can only be achieved by completing prioritized, unfinished projects.

“In line with these priorities, two new refineries will join the country’s existing ten, and three fuel quality enhancement projects will be operational this year,” Azimifar said. “But increasing production alone will not resolve the challenges in Iran’s refining and distribution sectors.”

Addressing current fuel consumption issues, Azimifar pointed out that several important measures are being pursued. These include diversifying the national fuel mix, expanding the use of compressed natural gas (CNG), electrifying aging transport fleets, and combating fuel smuggling.

He also noted that reforming governance in the refining sector is a major focus. “We aim to create a conducive environment for industry growth and greater private sector participation,” he added. “Boosting workforce motivation and expanding the use of smart technologies across the production, transportation, and distribution chains are among our top priorities.”

On the issue of fuel smuggling, Azimifar stressed the need to accurately identify its root causes. “Our analysis shows that most smuggling occurs in the transport sector, particularly due to fake freight permits and shipment documents,” he said.

He highlighted the importance of a smart monitoring system as a countermeasure. “In 2024, we signed a key contract to implement real-time tracking of petroleum products. With this system, we can monitor every drop of fuel from production to end-user delivery.”

Azimifar concluded by underscoring the vital role of smart technologies in both controlling consumption and combating smuggling. “Our strongest tool against fuel smuggling is digitalization,” he said. “But for these efforts to yield results, all responsible government bodies must fulfill their legal duties. We hope active inter-agency cooperation will help us significantly reduce smuggling and boost efficiency.”

The post Two New Refineries to Be Launched appeared first on Iran News Daily.

Good Things Happen in Iran Refineries

mahla — Mon, 19 Dec 2022 21:29:11 +0000

TEHRAN (Iran News) –Oil Minister Javad Owji said the 13th administration has initiated sizable movements in the country’s refining industry including quality improvement in Abadan Refinery and all the refineries across the country.

According to ICANA, Owji spoke about the quality improvement of the Iranian refineries: “Fortunately, good things have happened regarding the quality improvement of the refineries in the 13th administration to the point that the quality improvement of the Isfahan Refinery has reached the operational stage and we will soon put this project into operation in the presence of the President so that 15 million liters per day of Euro5 gasoil will be added to the country’s diesel production capacity.”

Regarding the country’s need to invest in the oil and gas sector, he added: “To date, we have signed nearly $100 billion worth of MoUs and contracts in the upstream and downstream sectors of oil and gas for domestic and foreign investment, of which $20 billion are contracts, although according to estimates, we need nearly $250 billion of investment.”

The Oil Minister said: “Although some of these investments were made by foreign companies, we also tap the capacity of domestic companies and banks. For example, 7 domestic banks have joined the development of the massive Azadegan field and we have invited domestic economic heavyweights to join us in the project, too.”

Meanwhile the installed capacity of Persian Gulf Petrochemical Industries Company (PGPIC) is planned to hit 46 million tons per year by 2026 from currently 28 mt/y, an official with the holding says.

Hassan Neshanzadeh Moghadam, PGPIC’s director of planning and business development, said on Sunday that PGPIC’s strategy under the new leadership is to reach Germany’s BASF, which is achievable due to the existence of huge feedstock resources and knowledge-based companies in Iran.

Pointing out that Iranian knowledge-based companies are more than a century away from large European companies, he noted that each of them is, nevertheless, competitive in their field.

The post Good Things Happen in Iran Refineries appeared first on Iran News Daily.

Oil Minister Dismisses FOB Pricing for Refinery Feedstocks Supply

reporter 1222 — Sat, 05 Sep 2020 05:12:29 +0000

TEHRAN (Iran News) – Iran’s Oil Minister Bijan Namdar Zanganeh said the price of feedstocks supplied to refineries across the country would no longer be calculated using the free on board (FOB) system that is widely used in energy trade in the Persian Gulf region.

“Currently the Persian Gulf FOB prices are no longer consistent with realities of the Iranian feedstocks market,” said Zanganeh on Thursday, adding that the pricing formula used for supply of feedstock to refineries had been “corrected”, Press TV reported.

The minister did not elaborate but stressed that the new pricing mechanism would take into consideration both the interests of the government, as the main producer of crude, natural gas and condensates consumed in refineries, as well those of the refiners.

The announcement comes amid massive works for development of the Iranian refining sector including efforts to upgrade current refineries to help them produce more high-value fuels.

Iran is currently a major global refining power as the country keeps expanding its output capacity for refined fuels to more than half a billion barrels per day.

A main hub of production is the Persian Gulf Star Refinery, located in the southern province of Hormuzgan, where more than 300,000 bpd of fuels, including high-quality gasoline, diesel and jet fuel, is produced.

Increased output of gasoline has turned Iran from a net importer of fuel in 2012 to a net exporter currently as Iranian gasoline shipments are being supplied to customers inside and outside the Middle East.

The change of pricing system for supply of feedstock could help Iranian refineries maintain their output levels at a time of lower demand for fuel as a result of the spread of the coronavirus pandemic.

The post Oil Minister Dismisses FOB Pricing for Refinery Feedstocks Supply appeared first on Iran News Daily.

Iran Offers Second ETF

reporter 1222 — Thu, 27 Aug 2020 06:40:55 +0000

TEHRAN (Iran News) – Iran began the underwriting process for the shares of four major refineries that will be offered through Iran’s second exchange-traded fund (ETF) on Wednesday, and will continue until September 9.

IRNA reported that government shares in Tehran, Tabriz, Isfahan, and Bandar-Abbas refineries will be offered through this EFT, at the Tehran Stock Exchange (TSE), which is Iran’s main stock exchange.

The offering of the second EFT had been postponed several times due to technical problems, however, in late June, Finance and Economic Affairs Minister Farhad Dejpasand announced August 26 as the date for the offering of the second EFT.

The offering of this EFT comes as the value of shares offered via the first EFT has significantly increased.

On May 2, the TSE listed the first exchange-traded fund from a series of three EFTs, through which shares of some state-owned organizations and companies are planned to be offered.

In mid-June, the finance and economic affairs minister announced that the value of shares that are offered by the first exchange-traded fund had doubled.

Referring to the offering of the shares via the first ETF, Dejpasand said, “The offering was our first experience in this field. About 3.6 million persons purchased the units of shares offered by the first fund.”

An ETF is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds and generally operates with an arbitrage mechanism designed to keep its trading close to its net asset value, although deviations can occasionally occur.

As described by Investopedia, ETFs can contain many types of investments, including stocks, commodities, bonds, or a mixture of investment types. An exchange-traded fund is a marketable security, meaning it has an associated price that allows it to be easily bought and sold.

The shares to be offered via the above-mentioned Iranian ETFs belong to those governmental bodies defined in Iran’s privatization program, a comprehensive plan seriously followed up by the government to downsize and reduce its role in the economy.

The first ETF, established by the Ministry of Finance and Economic Affairs, comprises government shares in three banks, including Bank Mellat, Tejarat Bank, and Bank Saderat Iran, as well as the shares of two insurance companies of Iranian Reinsurance Company and Alborz Company.

The government has a 17 percent stake in Bank Mellat, a 17 percent stake in Tejarat Bank, and an 18 percent stake in Bank Saderat Iran.

The post Iran Offers Second ETF appeared first on Iran News Daily.