Baku, Azerbaijan, Jan. 26
By Khalid Kazimov - Trend:
Iran is planning to construct a large oil terminal in the country's southern coasts which will be capable of exporting one million barrels of oil per day.
The terminal will be capable of storing 20 million barrels of oil, IRNA news agency reported Jan. 26.
According to IRNA the terminal will be constructed on the Iranian port of Jask on the shore of the Sea of Oman.
After the construction of the port, the route for tankers carrying Iran's oil will be shorten as they will not need to sail through the Strait of Hormuz, the report added.
The report estimated that after the construction of the terminal the route will be shorten by 1000 km which will decrease the costs of transport.
Earlier in November 2015, Iran's Oil Ministry called upon investors to participate in the construction of the the oil terminal.
"In the first phase, and following the oil minister's order, we have invited investors to finance construction of the storage of 10 million barrels of crude oil, as well as building port facilities, for import and export purposes," National Iranian Oil Engineering Company (NIOEC) Director Aliasgar Sajedi was quoted as saying Nov 11.
In 2014, President Hassan Rouhani invited all Iranian and foreign investor to invest in Jask, noting that the Jask port will develop into an important marine and economic hub in the future.