Four new Iranian oil storage facilities almost complete

Four new Iranian oil storage facilities almost complete

Baku, Azerbaijan, Mar.11

By Fatih Karimov - Trend:

Four new oil storage facilities with a total capacity of four million barrels is passing its final stages, the Shana News agency quoted Managing Director of the Iranian Oil Terminal Company Pirouz Mousavi as saying on March 11.

The four facilities will be inaugurated at Iran's Kharg Island, located in the Persian Gulf.

On Dec. 16, 2013, Mousavi said the facilities will come on stream by the end of the current Iranian calendar year (March 20).

The oil storage capacity of Kharg Island is currently about 28 million barrels, Mousavi added.

The Kharg terminals have the capacity to export five million barrels of oil per day, he noted.

The U.S. Energy Information Administration released its latest Short Term Energy Outlook on Jan. 7. The report has presented some statistics about Iran's oil output in the previous year.

Based on the report, it is estimated that Iran produced 2.8 million barrels of oil per day excluding gas condensates in 2013 which is 170,000 barrels less than the preceding year.

The report also puts Iran's estimated unplanned crude oil production outages in the second half of 2012 at 800,000 barrels per day.

In other words, Iran cut the aforementioned amount from its regular production by shutting down the wells in some oilfields. So the country produced 2,970 million barrels of oil per day in 2012, while it had the capacity to produce 3,770 million barrels.

EIA's report also shows that Iran produced 2.8 million barrels of oil per day in 2013, while the amount of estimated unplanned crude oil production outages was 600,000 barrels per day.

So the country's total production capacity at the end of 2013 was around 3.4 million barrels per day which is 370,000 barrels per day less than 2012.

Edited by S.M.

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