Iran looks to start strategic oil reservoirs

Business Materials 26 January 2021 14:09 (UTC +04:00)

BAKU, Azerbaijan, Jan.26


Iran's agenda is to build strategic oil reservoirs for 30 million barrels of oil, as well as condensate tanks, Managing Director of Panahsaz Iran Engineering Company Gholamreza Zeynalpour said, Trend reports via IRNA.

Zeynalpour said the discussion on the issue, also with investors, is in the final stages.

He also said that another project is domestic production of cryogenic tanks, through cooperation with knowledge-based companies.

"All the LPG tanks in eight phases of South Pars were built domestically by Panahsaz company," said Zeynalpour.

He added that for Iran, costs of building a storage tank locally is much cheaper than involving foreign companies,

"The finished price for such a tank made domestically, is some 40 percent lower than those of foreign companies," he said.

"The company has been responsible for building reservoirs with low temperature since the first round of sanctions against Iran," he said. "The construction of tanks at each phase of South Pars helped to save some 50 million euros," he said.