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IOTC Constructing Oil Storage Facilities

IOTCO : Iranian Oil Terminals Company (IOTC) plans to build new underground oil storage facilities in south of the country, IOTC’s managing director, Pirouz Mousavi, said.

IOTC Constructing Oil Storage Facilities
(Wednesday, November 19, 2014) 09:33

Mousavi told IOTCO that Iran is the first country in the Middle East which has decided to build strategic underground oil storage facilities.

These facilities will be built in south of the country 100 kilometers off the coast of Persian Gulf, the official told Shana. 
Referring to developed countries decisions such as Japan, the United States and Scandinavian countries on establishing strategic oil reserves, Mousavi noted that being the second biggest oil producer in OPEC justifies construction of oil storage facilities.  

IOTC’s official said construction of similar facilities in the Caspian Sea, north of Iran is on the agenda to facilitate oil swaps operations. 

Earlier Mousavi had said that the country’s oil storage capacity would reach 100 million barrels up to the end of fifth five year development plan to 2015. According to Mousavi, IOTC will be responsible for construciton of 30 percent of the facilities while National Iranian South Oil Company, Petroleum Engineering and Development Company and National Iranian Offshore Oil Company will build the remainder. 

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