Construction of new oil storage facility to wrap up by end of Rouhani’s term
Tehran, Iran, Oct. 1
The construction project of a crude oil storage facility near the Iran's southeastern port of Jask will be completed by the end of President Hassan Rouhani’s term in 2020, an Iranian deputy oil minister said.
“The construction project of Jask’s crude oil storage facility will be completed by the end of Iran’s 12th administration,” Marzieh Shahdaei said on September 30, ILNA news agency reported.
The oil ministry has prepared the ground for the private sector to further contribute to such projects by decreasing business risk for them, she added.
“Oil ministry needs to be dynamic in order to drive the business and bring in more revenue,” the official said.
The remarks came after a unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million).
State-run NIOC's subsidiary Petroleum Engineering and Development Co. (PEDEC) signed the agreement with Petro Omid Asia Co. to build the facility with a total capacity of 10 million barrels on a build-operate-transfer (BOT) basis in Jask, which is located on the Gulf of Oman coast.
Omid Investment Management Group Co. also signed the deal, under which construction should be completed within three years.