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Oil Swap Capacity to Be Raised by 1.5 mb/d

Managing director of Iranian Oil Terminals Company (IOTC), Seyyed Pirouz Mousavi, says new oil storage facilities will be built in Neka port, north of Iran, in a bid to increase oil swaps to 1.5 million barrels per day.

Oil Swap Capacity to Be Raised by 1.5 mb/d
(Saturday, July 19, 2014) 09:27

Speaking to IOTCO reporter, Mousavi said construction of three 150 thousand barrels oil storage tanks in Neka had been put on tender expressing hope the facilities to be built in near future.

Mousavi added some oil swap contracts had been signed with littoral states of Caspian Sea under which the oil would be taken in Neka Port on the shore of Caspian Sea and will be delivered in Kharg Island in the Persian Gulf.

The official confirmed that the amount of oil swaps lowered last Iranian calendar year ended 19th March 2012 against a year earlier.

‘The company swaps currently about 20 thousand barrels of oil per day even though the figure varies during the year due to different reasons’ Mousavi noted.

On the latest physical progress in Neka Port, Mousavi noted preparing a big pool and facilitating berthing had made progress by 43 percent adding dredging operations also will be started soon.

The official continued that rising oil swap capacity project will be implemented in two phases reaching 500 barrels and 1.5 million barrels respectively in first and second phase.  

‘Neka pool will become operational next Iranian calendar year ending on 19th March 2013 at a cost of 700 billion rials, the official noted.

IOTC’ managing director noted that regarding development of new oil and gad fields in Caspian Sea, the project will make possible berthing larger vessels while facilitating transit of oil produced by the littoral states of the Caspian Sea amid making revenue for the company.

Simultaneous with raising Neka Oil Terminal capacity and construction of Neka-Jusk pipeline a new oil terminal will be built in Jusk port, south of Iran, which will pave the way for transferring one million barrels of oil per day from Neka to Jusk, Mousavi noted. 

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