Iran's gasoline imports hit decade low

TEHRAN, Oct. 12 (UPI) -- Iran continues to decrease the amount of gasoline it imports as international sanctions push many energy companies out of the country, an official said.

Iranian Oil Minister Masoud Mir Kazemi said imports of gasoline were down for the month to about 200,000 gallons, the lowest level in more than a decade.

International energy trader Vitol moved out of the Iranian market ahead of July sanctions imposed unilaterally by the United States and European Union that target Iran's energy sector.

Iran in response switched operations at petrochemical factories to start producing gasoline to ease the pressure from sanctions.

The Financial Times said that may provide only short-term relief as it costs 15 times more to produce gasoline at petrochemical plants than at conventional refineries.

Washington last week rolled out a list of energy companies that stopped selling refined petroleum products to Iran, including Russian oil company Lukoil.

Tehran shrugged off the sanctions pressure and instead claimed it retook the No. 3 spot in world oil producers from its neighbors in Iraq.