Iran plans to increase its oil storages up to 100 mln barrels
Azerbaijan, Baku, April 18 / Trend S.Isayev, T. Jafarov/
Iran will be increasing its oil storages to 100 million barrels, Piruz Musavi, head of the Iranian Oil Terminals Company told the journalist of IRINN TV, the network's channel reported live.
Musavi made the remarks at the 17th International Oil, Gas, Refining, and Petrochemical Exhibition in Tehran.
Iran's 17th International Oil, Gas, Refining, and Petrochemical Exhibition started on Tuesday, and will last for four days.
Companies from 44 countries would participate in the exhibition. The presence of foreign companies comes despite the Western countries sanctions on Iranian oil industry.
Of more than 1,255 Iranian and foreign companies which voiced interest in participating in the exhibition, 940 domestic and 315 foreign companies are participating in the event.
Musavi noted that Iran has a 24 mln barrel oil storage on the Kharg Island of Iran, and more storages are planned to be established during the 5-year development plan. In total, 5-year plan implies expanding country's oil storages to 100 mln. barrels.
"Right now, we are working on a project to establish four more 1-mln capacity oil storages. This project is 39 percent finished, as of now," Musavi said. "Thus, the Kharg Island will have storages for 28 mln. barrels of oil".
Another project, according to Musavi, is being developed in the Iranian city of Genaveh, where ten more 1-mln barrel capacity storages are being built.
Musavi underscored that Iranian Oil Terminals Company handles 93 percent of all oil-related exports in Iran through four spots: Kharg Island, Asalouyeh port, Nekah port, and Mahshar port.