August 5, 2022 [Financial Tribune] – With the completion of the reconstruction and overhaul project of Tank No. 4 of the Bahregan region in Bushehr Province, the Iranian crude oil storage capacity in the Persian Gulf has increased by 500,000 barrels, managing director of the Iranian Offshore Oil Company said.

“The storage capacity has now increased by 10%, which will promote the prosperity of the region since the area is a terminal for crude oil and gas condensate import and export,” Alireza Mehdizadeh was also quoted as saying by the Oil Ministry’s news agency Shana.

The project took about three years to complete and most of the parts and equipment used in the facility were supplied by domestic manufacturers, he added.

The official noted that the 250,000-barrel tank of Kharg Island will come on stream within the next three months. There are also plans to construct tanks No. 5, 6 and 8 in the Bahregan region with a total nominal capacity of 1,300,000 barrels.

“With these measures, the operational capacity of Iran’s crude oil storage in the Persian Gulf will increase dramatically,” Mehdizadeh said.

Bahregan is one of the major Iranian oilfields in Bushehr. It has three platforms and 10 oil wells for the extraction of heavy crude oil.

The Iranian Offshore Oil Company is one of the world’s largest offshore oil production companies, with over a half a century of experience. The company shares one-third of Iranian oil export.

IOOC is in charge of developing crude oil reservoirs in the Persian Gulf, including Abouzar, Hendijan, Bahregansar, Reshadat, Soroush, Norouz, Salman and Doroud fields, as well as collecting associated petroleum gases from Kharg Island and Bahregan oil region.

Oilfields under IOOC development hold an estimated 100 billion barrels of crude, comprising roughly 15% of the country’s total oil reserves.

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