Iran aims to increase oil storage capacity

Nov. 26, 2012 at 8:06 AM

TEHRAN, Nov. 26 (UPI) -- The Iranian government said it aims to increase its oil storage capacity at a facility in the Persian Gulf by more than 8 million barrels.

Mahmoud Zirakchian-Zadeh, managing director of the Iranian Offshore Oil Co., said new storage facilities planned in the Persian Gulf would add around 8.1 million barrels to offshore storage capacity by the middle of next year, state-funded broadcaster Press TV reports.

The existing terminal is near Iran's southern Bushehr province. Press TV provided no information regarding the investments needed for the upgrades in the gulf. The country's currency collapsed this year in part because of pressure from economic sanctions targeting the energy sector.

Western governments have pressured international allies to reduce the amount of crude oil received from Iran, under pressure for its nuclear program.

Press TV reports that Chinese imports of Iranian crude oil have increased 19 percent from September to October. A report last week from the Platts energy news service, said that Iran was China's fifth-largest supplier of crude oil in October. Imports from Iran for October were up 23 percent from the previous month and more than 23 percent below the year-on-year figures.

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