Iran needs to cut crude oil sale – MP
Iran needs to sell only 20 percent of its crude oil export portion, says Mohammad Chegini, chairman of the Iranian Parliament’s Energy Commission.
The other 80 percent should be either swapped or turned into products, which is a great way to reduce vulnerability to sanctions, he told ISNA news agency July 1.
Iran processes only 1.8 million barrels a day out of its oil output, which stands at about four million barrels a day. Of that, about 40 percent turns into mazut and other cheap fuels with even less value than crude oil.
According to a five-year national development plan that will start March 2017, Iran needs to create 1.4 million barrels refining capacity.
Chegini also said the fact that the pace of refinery building in Europe is on the decline shows that if Eastern countries turn their oil into products they will be easily marketed in Europe.
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