Iran has announced that it will build new oil storage facilities in the Persian Gulf to store over 8 million barrels of crude oil in addition to its current storage capacity. Mahmoud Zirakchian-Zadeh, the managing director of the Iranian Offshore Oil Company (IOOC), announced the new storage tanks will be built within nine months near the Bahregan oil field in the northern Gulf. (SHANA/Press TV, 26 November)
Due to sanctions, Iran’s oil exports have fallen to 1.3 million barrels per day from last year’s 2.2 million b/d, hence the need for additional storage capacity. Iran has over 20 million barrels of onshore oil storage capacity at Kharg Island and another 5 million at Lavan Island but these facilities are believed to have been filled.
File photo: Press TV