Iran to Build 5mln Barrel Storage Tanks to Boost Storage

TEHRAN (FNA)- Iran’s storage capacity will raise by 25% once construction work of new storage tanks in Kharg Island in the Persian Gulf is complete, a senior Iranian oil official said.

Managing Director of the Iranian Oil Terminals Company Mousa Souri said that construction work of the planned 5 million-barrel storage tanks on Kharg Island is expected to be completed by next 30 months.

He added that by storing more oil, National Iranian Oil Company will have the opportunity to sell it at a better price.