TEHRAN (PIN) – Construction work of 4 planned one-million-barrel storage tanks in Kharg Island is expected to begin by next month, an oil official said.

Managing director of Iranian Oil Terminals Company Mousa Souri told PIN, construction of the tanks will enable the country to raise its storage capacity by 50 percent.
“Storing more oil, National Iranian Oil Company will have more opportunity to sell it at a good price,” he added.
He also cited that at present the oil storage volume of the country is less than 10mm tons storing in 5 tankers, adding that the volume is at its lowest rate in recent years.
Manager of National Iranian Oil Company for international affairs Ali-Asghar Arshi had also told PIN that all Iranian crudes held in floating storage were sold at a higher price and at present time there is no oil in the storages to be sold, an oil official said
He added the stockpiles built up as refiners reduced their crude oil needs during seasonal maintenance work.
Launching a-million-barrel oil tanker in Khrg Island last week, the storage capacity of the country rose to 20.2mm barrels.