Managing Director of the Iranian Oil Terminals Company (IOTC) Seyed Pirouz Mousavi told the oil ministry’s website that construction of three 150-thousand-barrel oil storage tanks in Neka had been put on tender, and expressed the hope that the facilities would be built in the near future.

Mousavi added some oil swap contracts had been signed with littoral states of the Caspian Sea under which the oil would be taken in Neka Port on the shore of the Caspian Sea and will be delivered in Kharg Island in the Persian Gulf.

“The company swaps currently about 20 thousand barrels of oil per day even though the figure varies during the year due to different reasons,” Mousavi noted.

On the latest physical progress in Neka Port, Mousavi noted preparing a big pool and facilitating berthing had made progress by 43 percent, adding dredging operations will also start soon.

The official mentioned that rising oil swap capacity project will be implemented in two phases reaching 500 barrels and 1.5 million barrels respectively in first and second phase.

“Neka pool will become operational next Iranian calendar year ending on 19th March 2013 at a cost of 700 billion rials,” the official noted.

The IOTC’ managing director noted that regarding development of new oil and gad fields in the Caspian Sea, the project will make possible berthing larger vessels while facilitating transit of oil produced by the littoral states of the Caspian Sea while having revenues for the company.

Simultaneous with raising Neka Oil Terminal capacity and construction of Neka-Jusk pipeline, a new oil terminal will be built in Jusk port, south of Iran, which will pave the way for transferring one million barrels of oil per day from Neka to Jusk, Mousavi noted.