BAKU, Azerbaijan, December 12. There is a need in Iran to build new crude oil storage facilities with a capacity of 7.7 million barrels, an official of the National Iranian Oil Company (NIOC), Hadi Ebrahim Fathabadi said, Trend reports referring to the NIOC’s website.
He made the remark at the meeting on investment opportunities in the construction of crude oil storage facilities of the NIOC held in Tehran on December 12.
“According to the NIOC, there is a need for the construction of storage facilities with a capacity of 2 million barrels in the territory of the National Iranian South Oil Company (NISOC), 1 million barrels in the territory of the Arvandan Oil and Gas Production Company, 500,000 barrels in the territory of the Iranian Central Oil Fields Company (ICOFC), and 4.2 million barrels in the Kharg Island,” Fathabadi said.
The official noted that currently, the country’s crude oil storage facilities have a capacity of 110 million barrels. Also, the construction of several crude storage facilities with a capacity of 20 million barrels is underway.
Fathabadi added that the country's gas condensate storages have a total capacity of 30 million barrels.
"In addition to building new storage facilities, the NIOC needs to attract investment to repair and maintain existing storage facilities, and investors can invest in this direction," he said.
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