Iran to increase oil storage capacity by 4 million barrels

Tehran, Iran, Nov. 5

By Milad Fashtami - Trend:

Iran is ready to inaugurate four oil storage facilities with total capacity of 4 million barrels in the Kharg Island, located in the Persian Gulf.

The Director of Exports Department of Iranian Oil Terminals Company (IOTC) Gholamhossein Gerami said on Nov. 5 that there are totally 48 oil storage facilities with the total capacity of 28 million barrels in the Kharg Island, Iran's IRNA News Agency reported.

"Totally six pipelines deliver Iran's produced oil to the Island," he said, stressing on the importance of increasing the security of pipelines and facilities.

The Managing Director of IOTC Seyyed Pirouz Mousavi said on October 22 that Kharg Island's four new facilities have already started their trial operation, Iran's IRNA News Agency reported.

The facilities reportedly came on steam at the cost of 420 billion rials (about $34.25 million). The construction plan of the facilities started in 2008.

According to Mousavi, Iran plans to increase its oil storage capacity to 32 million barrels.

"Once the mentioned four facilities completely come on stream, Iran's total oil storage capacity would stand at 28 million barrels," Mousavi said, adding that based on global standards an oil-exporting country needs to have the storage capacity enough for supplying 15 days of exports.

"So we need to construct another 4 million barrels of storage facilities to reach the standard level of 32 million barrels," he added.

Mousavi said in June that the construction operation of Jask Island oil export terminal, located in the Sea of Oman, will definitely take more than three years.

"Currently the preliminary studies of the project are underway," he said, Iran's Tasnim News Agency reported.

"The studies will be completed in one year," he said.

"Foreign companies' participation in financing the project is also being studied," he added.

Akbar Torkan, the secretary of Iran's Free Trade Zones Coordination Council, said on June 18 that Jask oil terminal will be Iran's second oil export terminal, Iran's SHANA News Agency reported on June 18.

Torkan previously said that, "A pipeline with the length of 2200km transfers Iranian crude oil to the Sea of Oman shores. So, it is planned to establish oil storage and export facilities on the Jask Island."

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