Iran’s oil storage capacity improves

Business Materials 2 September 2016 17:01 (UTC +04:00)

Tehran, Iran, September 2

By Mehdi Sepahvand –- Trend:

Iran has improved its oil storage capacity in the Persian Gulf area by 10 mb, according to CEO of Iran Oil Terminals Co. Piruz Mousavi.

The new 10 mb capacity will be actualized when two new storage facilities in Port Genaveh in southwestern Iran come on stream, he told Mehr news agency September 2.

Right now the Kharg terminal’s storage capacity stands at 28 mb.

At the same time, he added, a pipeline stretching 40 kilometers and with a diameter of 48 to 50 inches will carry the oil to the Kharg portal, he said.

Mousavi also noted that Iran currently has no crude stored in tankers in the Persian Gulf.

Iran is producing 3.7 mbpd of crude. The number had stood at 3.9 before sanctions sent it down to 2.8. the sanctions were lifted in January.

Iran has refused an output freeze proposed by OPEC members, saying it has a right to redeem its past output.

Russia has said Iran can be exempted from the freeze.