Iran launches oil storage facility, ups storing capacity by 36%

By  Trend

Iran has launched a crude oil storage facility which increases the country’s crude oil storage capacity by 10 million barrels.

The facility, named Omid, became operational Feb. 8 near the port city of Genaveh in southern province of Bushehr, IRNA news agency reported.

The facility was constructed by Iran’s private sector with investment of 280 billion rials (each USD makes 32,379 rials).

The project improves Iran’s oil storage and export capacity by 36 percent and consists of eight 1-million-barrel tanks, two 500,000-barrel tanks and four 250,000-barrel tanks.

The facility was constructed in an area of 100 hectares and will support oil exports from the southern Kharg Island Oil Terminal in the Persian Gulf.