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Official: Crude oil inventories to rise up

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.

Official: Crude oil inventories to rise up
(Wednesday, August 24, 2016) 13:42

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.

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.

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