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Pirouz Mousavi, managing director of the Iranian Oil Terminals Company : Raising Oil Export Capacity

In related news, Pirouz Mousavi, managing director of the Iranian Oil Terminals Company (IOTC) hailed the positive effect of the landmark nuclear deal on key oil sector.

Pirouz Mousavi, managing director of the Iranian Oil Terminals Company : Raising Oil Export Capacity
(Friday, May 19, 2017) 21:55

In related news, Pirouz Mousavi, managing director of the Iranian Oil Terminals Company (IOTC) hailed the positive effect of the landmark nuclear deal on key oil sector.

"The agreement allowed us to effectively increase crude oil exports," Mousavi said.

According to the official, had it not been for the JCPOA, Kharg Oil Terminal's  loading capacity could not be expanded to 7 million barrels per day because most of the equipment needed for the port's overhaul had to be either unblocked or imported from back channels and middlemen at several times the price.

Kharg Oil Terminal is located on the Persian Gulf island by the same name and is 25 km off the coast of Iran. According to officials, 93% of Iranian crude export passes through this island.

International sanctions cut Iranian crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd. Crude output is now close to 3.9 million barrels a day and exports at around 2.6 million barrels daily.

----- Minister's Backing

According to Bijan Namdar Zanganeh, the oil minister, termination of sanctions opened a new chapter in collaboration with foreign companies, in particular Siemens.

"Oil Ministry and Siemens had effective collaboration in manufacturing a large number of gas turbo-compressors in Iran before the sanctions. We need to promote such cooperation, as Siemens' gas turbines and compressors offer long-term efficiency, availability and reliability," he said.

Pointing to the need for machinery and equipment to raise gas output, Zanganeh said earlier, "Siemens can be a perfect business partner for Iran. It is a key supplier of advanced oil and gas equipment, which explains why their investment in Iran's energy sector will yield positive results, create jobs and lead to the country's economic prosperity."

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