Crude oil inventories to rise up by 10 million barrels

EghtesadOnline: Iranian crude oil inventories will rise up by 10 million barrels by the end of the current Iranian year upon completion of construction of reservior in Genaveh, Bushehr province.

News ID: ۷۳۶۰۸۹

22 August 2016

Managing Director of Iranian Oil Terminals Company (IOTC) Pirouz Mousavi said on Sunday that construction of reservoir with capacity of 10 million barrels in Genaveh, the capacity for crude oil inventories will increase, reports ILNA.

Pirouz Mousavi said that the inventories will support crude oil export from Kharg Island, in Persian Gulf.

The construction operation will end by the end of the current Iranian year (March 21, 2017).

He said that the reservior of crude oil construction project is a strategic move to secure sustainable production of crude oil.

He said that for the first time the private sector participated in this project.

Kharg Island, as the largest oil export terminal of the country located 57 kilometers northwest of Bushehr in the Persian Gulf.