Iran to increase oil storage capacity

Jan 30, 2012 12:00 AM

The private sector of Iran will participate in building 14 oil storage tanks with the capacity of holding 10 mm barrels of oil in the Iranian port city of Ganaveh, an official was quoted as saying.
The initial investment to build the storage tanks is estimated at about $ 270 mm, Seyyed Pirouz Mousavi, the Iranian Oil Terminals Company's (NIOTC) managing director said.

After its completion, the tanks will increase Iran's crude oil storage capacity to 38 mm barrels.

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