Iran unveils new oil storage facility - Gayo Lues

Mohammad Reza Khajeh-Jahromi, head of the Bahregan oil region, said all of the construction phases of the storage facility were carried out by Iranian experts.

He added that the Bahregan oil district is a forerunner in the country’s maritime oil industry and the renovations that have been carried out in the site have suitably equipped it for another 50 years of operations.

The Bahregan offshore oil district first started producing oil in the mid 1950s and currently produces 235 thousand barrels of oil per day.

On March 19, Managing director of Iranian Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi said the country had re-commissioned a new storage facility at the Kharg Island oil terminal, which can hold as much as one million barrels of crude, to reduce the impact of the European Union sanctions on Iran’s oil sector.

Mousavi had earlier announced that Iran is capable of storing crude oil in the Persian Gulf for a period of 10-12 days and the new storage facilities would raise the figure to 30-40 days.

International experts believe that increasing oil storage capacity will improve Iran’s position in marketing and selling crude oil.

Iran started building its first private oil terminal, which is capable of holding 8 million barrels of oil, in the Genaveh port city in January.

The country holds the world’s third-largest proven oil reserves and the second-largest natural gas reserves.

HMV/MA