Oil storage facility of Iranian Oil Terminals Company repaired

Oil&Gas Materials 1 January 2021 09:40 (UTC +04:00)
Oil storage facility of Iranian Oil Terminals Company repaired

BAKU, Azerbaijan, Jan. 1

By Elnur Baghishov – Trend:

The 272,000-barrel storage facility of Iran's Kharg oil terminal has been put into operation after overhaul, Executive Director of the Iranian Oil Terminals Company (IOTC) Abbas Asadruz said, Trend reports referring to the company’s website.

Asadruz noted that this storage facility of the terminal has been repaired for 18 months.

He added that a total of 25 billion rials (about $595,000) was spent on repair work.

The director stressed that the Iranian Oil Terminals Company are operating on the storage and export of oil, gas condensate and oil products, and in the area of maritime services. Despite a number of restrictions in recent years (the economic situation in Iran, US sanctions, etc.), the company operates in three provinces of Iran in accordance with international standards.

Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.

The US has imposed new sanctions on Iran since November 2018 and has steadily increased them. In this regard, Iran prefers not to disclose any information on oil production and sales.

It is reported that Iran sells 600,000-700,000 barrels of crude oil daily from the beginning of the current Iranian year (March 20, 2020).