June 17, 2012 [Fars News Agency] - Iranian Oil Terminals Company (IOTC) plans to build new underground oil storage facilities in Southern parts of the country, IOTC's Managing Director Pirouz Mousavi said.
Mousavi told the oil ministry’s website that Iran is the first country in the Middle East which has decided to build strategic underground oil storage facilities.
These facilities will be built in south of the country 100 kilometers off the coast of Persian Gulf, the official told Shana.
Reminding the decision of such developed countries Japan, the United States and Scandinavian nations on establishing strategic oil reserves, Mousavi noted that being the second biggest oil producer in OPEC justifies construction of oil storage facilities.
The IOTC chief said construction of similar facilities in the Caspian Sea, north of Iran is on the agenda to facilitate oil swaps operations.
Earlier Mousavi had said that the country’s oil storage capacity would reach 100 million barrels up to the end of fifth five year development plan to 2015.
According to Mousavi, IOTC will be responsible for the construction of 30 percent of the facilities while the National Iranian South Oil Company, the Petroleum Engineering and Development Company and the National Iranian Offshore Oil Company will build the remainder.
