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Oil Storage Capacity to Rise by 30 Million Barrels

IOTCO :Oil storage capacity will rise to 100 million barrels up to the end of fifth five year development plan in 2015, managing director of the Iranian Oil Terminals Company (IOTC), Seyyed Pirouz Mousavi, said.

Oil Storage Capacity to Rise by 30 Million Barrels
(Tuesday, August 19, 2014) 09:30

Speaking to IOTCO , Mousavi said 70 percent of the additional oil storage capacity will be created by Petroleum Engineering and Development Company (PEDEC), National Iranian Offshore Oil Company (NIOOC) and National Iranian South Oil Company (NISOC) while IOTC will be responsible for the remaining 30 percent.  

The official referred to an underway plan for building an oil terminal in Jusk Port, on the shore of Oman Sea, south of Iran, with oil storage capacity of 20 million barrels adding simultaneous with rising storage capacity in Neka Port, on Caspian Sea shore, and construction of Neka-Jusk oil pipeline, there would the possibility to transfer one million barrels of oil from north to south of Iran on a daily basis which in turn will facilitate oil swaps.

According to the official, construction of Jusk oil terminal will strengthen Islamic Republic of Iran’s position as an exporting country adding the terminal will replace Kharg oil terminal for exporting crude oil if necessary.

He said construction of Jusk oil terminal’s designing work had been completed projecting approximately 2.2 billion dollars is required for construction of the oil terminal.

‘Neka oil terminal in the north will function as the only oil swap terminal, the official said adding three 150 thousand barrels of oil storage facilities are being under construction in the port which will increase storage capacity of Neka oil terminal considerably.

On rising oil storage capacity and transferring crude capacity under the fifth five year development plan, Mousavi noted current Kharg oil terminal’s storage capacity stands at 22 million barrels of oil adding the capacity will rise to 28 million barrels of oil by building four new oil storage facilities.  

Under the fifth five year development plan’s targets, Genaveh oil terminal will be the second oil terminal to be built with 10 million barrels of oil capacity.

Mousavi concluded: With regard to our plans on swiftness, accuracy and rising oil storage capacity the company will rank the first in the region.  

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