ORICA announces boost in daily gasoline output to 120m liters
The secretary-general of the Oil Refining Industry Companies Association (ORICA) announced that Iran’s gasoline production increased from 107 million liters per day to 120 million liters per day during the second Iranian month of Ordibehesht (began on April 21).
Nasser Ashouri stated during a press conference on Tuesday that the production surge came despite the refining industry’s lack of profitability, emphasizing its role as a key national sector and calling for greater government and parliamentary support, IRNA reported.
“The refining industry remains unprofitable, yet it is one of the country’s pivotal industries. We expect the government and Parliament to bolster their backing,” Ashouri said.
He highlighted that the total capital value of Iran’s refineries exceeds $100 billion, stressing, “Under current conditions, we demand facilitation and the removal of barriers to ensure this massive industry retains its profitability.”
Ashouri also revealed a 100% decline in oil refinery profitability for the year 1403 (began on March 20, 2024), noting that profits from Iran’s 10 refineries dropped to approximately $525 million in the latter half of the previous year.
The secretary-general warned that the “freefall in refining industry profits” would soon jeopardize 18 refinery development and quality improvement projects, valued at approximately $18 billion. “Given the profitability downturn, the likelihood of halting these projects has increased significantly,” he said.
He attributed the sharp decline in refinery profitability to the Oil Ministry’s failure to implement the “feedstock and petroleum products bylaw,” adding, “Due to the lack of amendments and enforcement of this bylaw, the financial statements of refineries for the year 1403 remain unadjusted.”