Private sector to build oil storage facilities in Iran

Business Materials 8 September 2012 13:35 (UTC +04:00)

Azerbaijan, Baku, Sep.8/ Trend F.Milad/

Iranian private sector has been allowed to build oil storage facilities in the country, an official with the National Iranian Oil Production and Distribution Company said.

Private sector investors can use any of BOT, BOO, or EPCF methods in the construction projects, the Mehr news agency quoted Heydar Shamsi as saying.

"We have attained self-sufficiency in all the designing, engineering, and building processes related to oil storage facilities," he noted.

On September 4, Shamsi said that five fuel storage facilities will be inaugurated by March 2013 in Iran, boosting the national fuel storage capacity to 12.8 billion liters.

He added that four new storage facilities will be commissioned by the end of the current Iranian year (March 20, 2013).

At present, Iran has the capacity to store 11.5 billion liters of fuel, which is sufficient for 58 days consumption. Last year, 16 storage facilities were inaugurated nationwide, boosting the country's storage capacity by 1 billion liters. The storage capacity is planned to hit 14.5 billion liters by 2016.