Iran oil storage capacity rises with massive new tanks
Iran has raised its oil storage capacity with the unveiling of four new massive tanks in the country’s south.
The new storage tanks on Kharg Island in the Persian Gulf were unveiled via video uplink by Iran’s Petroleum Minister Bijan Namdar Zangeneh and some senior ministry officials at the 20th Oil, Gas, Refining and Petrochemical Fair in Tehran on Wednesday.
The massive project which took some four years to complete increases Iran’s oil storage capacity by 16 percent, IRNA reported.
Iran’s Offshore Oil Company (IOOC) 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.
Iran holds the world's fourth largest proven oil reserves and the second biggest natural gas reserves.
The country's total in-place crude reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
GHN/GHN
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