BAKU, Azerbaijan, August 1. Iran's Esfahan Oil Refining Company’s net income increased more than 5 times, during the first three months of the current Iranian year (March 21 through June 21, 2022), compared to the same period last Iranian year, the head of the Financial Affairs Department of the company, Sahib Arjomand said, Trend reports citing the company’s website.
The official stressed that the company’s net income for the reporting period amounted to more than 130 trillion rials (about $3.09 billion), while in the same period last Iranian year, the figure stood at 25 trillion rials (about $595 million).
Arjomand added that the main reason for the increase in company’s net income is the price difference between crude oil and oil products (crack spread).
Iran's Esfahan Oil Refining Company (EORC) was established in 1979. The company produces 12 million liters of gasoline per day following the Euro-5 standard, and 4 million liters of diesel in accordance with the Euro 4 and 5 standards. The company supplies about 23 percent of Iran's oil products.
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