Iran says gasoline embargo 'impossible'

The managing director of the National Iranian Oil Products Distribution Company (NIOPDC) says that it is impossible to cut off gasoline supplies to Iran, notwithstanding all US efforts.

"Given the 7 percent negative growth of the developed countries and the likelihood of the insolvency of many refinery companies, any discussion of imposing an embargo on the supply of gasoline to Iran on the global markets is futile,” Farid Ameri said Monday, Iran's energy news agency, SHANA, reported.

“There is at present a great surplus of refinery capacity, and, to avoid insolvency, refining companies must produce and sell refined products,” he added.

“We are not concerned about securing the country's needed gasoline, and very soon will be able to provide our needed gasoline, with high quality, by using the potentials of our petrochemical industries,” Ameri said.

According to the NIOPDC head, the average daily consumption of gasoline over the first 6 months of the current Iranian year (starting March 21) had shrunk by 2 million liters (528,344 US gallons) to 66.5 million liters (17.6 million US gallons).

He predicted that, as new CNG supply stations come on line, more motorists will use the cheaper, cleaner fuel in preference to gasoline.

With regards to the media reports of a deal to import gasoline from Venezuela, Ameri said that no actual contract had yet been signed.

“What has been signed with Venezuela regarding gasoline imports is a memorandum of understanding (MOU)."

Ameri also said that the country's gasoline reserves had risen by 50 percent since last year, which is the highest it has been for 15 years.

In a piece of extraterritorial legislation, the US House of Representatives approved a bill on October 1 that would seek to punish non-US companies from supplying gasoline to Iran.

Since the popular 1979 revolution that deposed the absolute monarchy of pro-US Mohammad Reza Pahlavi, the US been ratcheting up its national and extraterritorial sanctions against Iran.