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Iran to launch first private oil terminal in Persian Gulf

Business Materials 10 July 2011 16:39
Iran will launch first private terminal to export oil products and expects to construct private refinery in Qeshm Island

Azerbaijan, Baku, July 10 /Trend/

Iran will launch first private terminal to export oil products and expects to construct private refinery in Qeshm Island, Pananews reported quoting Managing Director of Oil Products Export Development Fund of Iran Ebrahim Modarres as saying.

The new oil terminal will be constructed in Shahid Rajaie port in Bandar Abbas soon" The termianl will focus on oil products export ," he said.

More than $160 million invested in new terminal and it's expected to facilitate currency exchange for oil product exporters.

Iran also plans to construct a refinery in Sourosh oil field with participation of a European company in Qeshm Island to produce gasoline, diesel and tar.

Most of foreign giant oil and gas companies have halted their activities in Iran because of international sanctions imposed by UN Security Council and the West countries against Iran.
Iran, which is the world's second largest reserves of gas and third in oil reserves, is facing US sanctions over its nuclear program.

The U.S. Congress approved financial sanction against Iran in 2010 , which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.

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