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
