Iran, China to finalize deal on building oil storage facility
Baku, Azerbaijan, June 18
By Fatih Karimov – Trend:
Iran and China will finalize agreement on construction of an oil storage facility in Persian Gulf island of Qeshm, IRIB news agency reported June 18.
The deal which is scheduled to be signed today envisages joint construction of an oil terminal with capacity to store 30 million barrels of oil.
The deal worth $550 million will be signed between Iran’s Arak Machine Making company and a Chinese firm, which its name was not unveiled.
Iran has over the past years ramped up its efforts to boost the country’s oil storage capacity as a bargaining chip in international crude trade.
By holding 157.8 billion barrels of recoverable crude oil reserves, the country possesses the world's fourth largest reserves of crude oil. Heavy and extra heavy varieties of crude oil account for about 70-100 billion barrels of the total reserves.