Iran’s strategic oil reserves soar

TEHRAN, Sep. 03 (MNA) – IOTC managing director said the country’s crude storage capacity in the Persian Gulf has increased by 10 million barrels.

Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi, while pointing to the rise in storage capacity of Iranian crude oil in the Persian Gulf region said “upon implementation of four new tanks in Kharg Termianl later in September, yet another 10 million barrels of new crude oil storage capacity will be created in Genaveh Port.

The official underlined that the uplift in storage capacity would boost the bargaining power for crude sales asserting “the total volume of storage capacity in Kharg Oil Terminal has now reached 28 million barrels.”

“The main impetus for construction and implementation of new storage tanks in Genaveh Port, located near Kharg Terminal, is to support exports of Iranian crude in the Persian Gulf,” he continued.

Mousavi stressed that the investment for new storage tanks has been made by the provate sector noting “in time with creation of new tanks, the project to build a pipeline has also kicked off in order to transfer oil from the southern port of Genaveh to Kharg Terminal.”

IOTC managing director recalled that a portion of the pipeline will be construction on land while the rest will be laid under the sea; “upon completion of the project in Genaveh, construction of new storage tanks in Jaks Port will be put on the agenda of the country’s oil industry.”

He went on to underscore that no amount of crude oil has been stored on tankers or near terminals in the Persian Gulf; “moreover, the stoppage time of oil tankers has been reduced to a minimum level thanks to the surge in export capacity at Kharg Oil Terminal,” concluded Mousavi.

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News Code 119442

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