SHANA -- Iranian refineries are now supplying 67 percent more gasoline compared to the previous calendar year, which begins on March 21, a deputy petroleum minister says.

According to the National Iranian Oil Refining and Distribution Company (NIORDC), Alireza Sadiqabadi, the CEO of NIORDC and deputy petroleum minister, said that Iran’s gasoline production capacity had increased by 67 percent compared to the previous Iranian calendar year.

He said production would cross 105 million liters per day by the end of the year to March, once the third phase of the Bandar Abbas Gas Condensate Refinery (also known as the Persian Gulf Star Refinery) came on-stream by March 2019.

Around this time last year, Iranian refineries could produce 63 ml/d which grew 24% when the first phase of the refinery came online and reached 78 ml/d back in December 2017.

He said in the first half of the current calendar year, production of gasoline stood at an average of 95 to 97 ml/d, adding plans were devised for boosting the strategic item’s production capacity even more to realize a major leap by the end of the week.

The official stated that once production reached 105 ml/d, besides supplying the domestic need for gasoline.

Sadiqabadi further said that phase three of the refinery was launched by relying on domestic forces without the presence of foreign companies.

He added that the National Development Fund of Iran (NDFI) would be tapped for funding phase 4 of the refinery with a €260 million loan from the fund.