Iran to boost oil products storage capacity by 1 million liters

Oil&Gas Materials 4 September 2014 10:41 (UTC +04:00)

Baku, Azerbaijan, Sept.3

By Fatih Karimov - Trend:

Iran will boost its oil products storage capacity by 1 million liters by March 2017.

Abdollah Mollabaqer, the director of engineering and planning at the National Iranian Oil Products Distribution Company, said that the country's oil products storage capacity is currently 12.5 million liters, and the capacity will be increased to 13.5 million liters in Iranian year 1395 (March 2016-March 2017), Iran's Shana news agency reported.

The oil storage capacity has increased by 500 million liters over the past year, he added.

He noted that the NIOPDC has decided to reactivate construction of the half-finished storage projects and complete them in the current year.

He went on to say that the five mentioned storage facilities are located in Mahshahr, Birjand, Malayer, Shiraz and Orumiyeh having the capability to store 300, 105, 70, 170 and 120 million liters respectively.

According to the Oil & Gas Journal, as of January 2014, Iran has an estimated 157 billion barrels of proved crude oil reserves, representing nearly 10% of the world's crude oil reserves and 13% of reserves held by the Organization of the Petroleum Exporting Countries (OPEC).

About 70% of Iran's crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf.