Work begins on Iran’s first private oil terminal

Iran Materials 14 January 2012 14:05 (UTC +04:00)

Azerbaijan, Baku, Jan. 14 /Trend M. Moezzi/

Operational work on Iran's first privately built oil terminal has begun, Pana news reported.

The new terminal will be built at Bandar Ganaveh located near the northeastern tip of the Persian Gulf in Bushehr Province. The project is entirely funded by the private sector including a syndicate of domestic banks.

Conceptual studies have been completed and land to build the terminal on has been bought.

Today, 98 percent of Iran's crude oil is exported through the terminal at Kharg Island in the Persian Gulf. The new terminal will help expand Iran's loading and export capacities.

The terminal at Bandar Ganaveh will store eight million barrels of oil Rostam Ghasemi, the head of the National Iranian Oil Company (NIOC) attended the start of operational work on the terminal.