Iran Says No Unsold Oil Remains at Sea

Iran’s oil minister said Wednesday the country has no unsold crude stored offshore, adding that all oil shipments are planned in line with market conditions. “We do not have even a single barrel of oil floating on water without a plan,” Oil Minister Mohsen Paknejad told reporters on the sidelines of a Cabinet meeting. “All the oil on the water is allocated based on market circumstances, and the figures being reported are not accurate.”

Premium gasoline imports separate from fuel quotas

Paknejad also said imports of premium gasoline, known locally as “special gasoline,” will not affect existing fuel quotas. Under Cabinet approval, private companies are allowed to import the fuel independently of the government, he said. “This type of gasoline will be offered as a new service to citizens who want to use it, based on its cost,” he said. “But people will still have access to 60 liters of gasoline through their fuel cards.”

Gas recovery projects set for 2028

The minister highlighted recent progress on natural gas recovery projects, noting that the NGL 3100 plant was inaugurated Sunday in Ilam province with more than US$1.6 billion in investment. The facility aims to collect 240 million cubic feet of associated gas per day, which had previously been flared, generating an estimated US$700 million in annual revenue. He said additional projects, including completion of the NGL 3200 plant in Khuzestan province’s West Karoun region, are underway. “The processes have been designed so that, under the quantitative targets of the Seventh Development Plan, we will be able to collect 44 to 45 million cubic meters of associated gas per day by 2028,” Paknejad said. - Shana