Oil storage capacity up by 10mn barrels

IOTC head has reported on inauguration of the project to lift Iran’s crude oil storage capacity by 10 million barrels in the Persian Gulf.

Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi pointed to official unveiling of the oil storage project in Bandar Ganaveh saying “the project came on stream during a ceremony attended by Habibollah Bitaraf, Deputy Petroleum minister in Engineering, Research and Technology Affairs.”

Mousavi noted that the total volume of Iran’s oil storage capacity has now



climbed to 38 million barrels asserting “the new project comprised designing, manufacturing and installation of eight one-million-barrel tanks, two 500-thousand-barrel tank as well as four 250-thousand-barrel tanks for crude oil storage.”

The official emphasized that operation of new tanks has paved the path for further supporting of crude oil exports from Kharg terminal; “operation of the new storage tanks will practically increase bargaining power of National Iranian Oil Company (NIOC) for marketing and sales of crude oil,” he emphasized.