Iran to build new oil storage facilities in northern areas

Oil&Gas Materials 26 August 2012 11:58 (UTC +04:00)

Azerbaijan, Baku, Aug.26/ Trend F.Milad/

Iran will establish three oil storage facilities, each with the capacity of 150,000 barrels, in northern areas of the country, the managing director of Iran's Oil Terminals Company stated.

Pirouz Mousavi told the Shana News Agency that the technology for building the facilities will be indigenized.

Iran will add some one billion liters to the capacity of storing strategic oil products by the end of the current calendar year (March 20, 2013), National Iranian Oil Products Distribution Company's Managing Director Jalil Salari said.

Four new oil storage facilities will be inaugurated in the future across the country, he said, adding that the stored oil products will be sufficient for 80 days consumption.

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.

Deputy Oil Minister Alireza Zeighami has said that a package of investment, worth $47.5 billion, has been prepared to develop different sectors of the oil refining and distribution industry, the Mehr News Agency reported.

He also said that the national oil pipeline network will be expanded to 5100 kilometers from current 3700 kilometers by 2015.

Some $2 billion should be invested by 2015 to boost the storage capacity of oil products, the official noted.