Managing Director of Iran Oil Terminals Company (IOTC) Seyed Pirouz Mousavi said oil can now be stored for as long as 15 days without the need for exports.

“Iran’s oil storage capacity has currently reached global standards with implementation of 10 million barrels of new capacity in Bahregan district as a backup for Kharg Oil Terminal,” he added.

The official highlighted that operation of new tanks not only has boosted storage duration to 15 days but also increased crude storage capacity of the country’s terminals by about 35 per cent.

“The rise in crude storage capacity, in addition to strengthening Iran’s bargaining power for commerce and sales of oil, will elevate the quality of export products.”

He recalled that construction and implementation of new storage tanks will lower risks of production cuts and transfer of oil to Kharg Terminal, as the country’s largest crude terminal.

Mousavi further deemed increased oil exports throughput as yet another advantage of the new oil storage project adding “upon operation, the possibility will be provided for regular and overhaul of crude oil storage tanks at Kharg Terminal.”

Implementation of new tanks for storing 10 million barrels of Iranian crude earlier this month, the country’s overall capacity rose to 38 million barrels. The project also comprises design, construction, installation and operation of eight one-million-barrel tanks, two 500-thousand-barrel tanks as well as four 250-thousand-barrels tanks for storing crude oil.

Iran’s oil terminals remain as the last link in the chain of oil and gas production and presently over 90 per cent of the country’s crude oil is being deployed to global markets through Kharg Terminal.

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The company’s Managing Director Pirouz Mousavi said on the sidelines of Offshore Energy Exhibition and Conference (OEEC) in the Netherlands that Iran’s crude and gas condensate exports has reached pre-sanction levels, according to Mehr News Agency.

He noted that “currently, all facilities, equipment and infrastructures for storage, loading and exports on oil products have been renovated and upgraded”.

The official enumerated several areas for Iran-Netherlands cooperation including modernization of harbors, loading arms, storage facilities and Single Buoy Moorings (SBMs).

A number of SBMs used in Iranian oil terminals are Netherlands– made

He added that a number of SBMs used in Iranian oil terminals are Netherlands– made and partnership can be established for supplying required equipment.

“Presently, given the refurbishment of facilities, a total of 10 oil tankers can dock at Kharg terminal which caters for 93 percent of Iran’s crude exports,” highlighted Mousavi. He considered this achievement as a great success for the country’s economy.

IOTC official added that his company will continue to update storage and export facilities of crude and gas condensate to meet international standards.

Together with domestic companies which meet most of the demand, Dutch firms can also participate in the market, he added.

“Following the removal of sanctions, the highest loading per day at Iran’s Kharg oil terminal has been more than seven million oil barrels which were received by Iranian and foreign tankers,” he concluded.

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