Iran suffers $45M loss for storing 2M bbl oil at sea

Business Materials 25 July 2015 19:01 (UTC +04:00)

Tehran, Iran, July 25

By Mehdi Sepahvand -- Trend:

Iran has suffered a loss of about $45 million for storing oil in a tanker at sea.

Two years ago when two million barrels of the country's oil were not sold, the top official in charge decided to store the oil at sea.

So, a tanker was hired at $45 million, Fars news agency reported July 25.

The report goes that the official_ mentioned by initials M.S._ then made the decision in coordination with current officials of the oil industry.

The tanker kept the oil for about one year near Iran's border with Oman.

The point here is that the identity and ownership of the tanker are unknown.

Iran could have bought a modern, fully equipped, ocean-going tanker with that money.

The hiring of the tanker caused controversy two years ago, but Iran denied reports.

The last time was June 17 when Iran again rejected a new report published by Reuters about storing as much as 40 million barrels of oil on supertankers at sea.

Currently Iran has no crude oil stored on ships, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Company said.

Back in March, Reuters report that Tehran is storing at least 30 million barrels of oil on its fleet of supertankers was rejected by Iran immediately.

Iran's crude oil export was above 2.2 million barrels per day (mb/d) in 2011, but the western sanctions imposed in mid-2012 have pushed Iranian oil export volume to around one mb/d in 2013.