Azernews.Az

By Nigar Abbasova

Iran has increased its crude oil storage capacity by 10 million barrels through launching a new crude oil storage facility.

The Omid storage located close to the port city of Genaveh in southern province of Bushehr was commissioned on February 8, IRNA 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.

Recently, Iran’s oil official revealed that the overall volume of the country’s oil reserves stood at 771.53 billion barrels, of which around 102 billion barrels would be recoverable at a rate of 24.6 percent.

Iran's in-place reserves of natural gas stand at 55 tcm, of which 33 tcm could be recovered at a rate of around 70 percent.

Currently, OPEC member Iran strives to increase oil exports in an attempt to regain lost share of the market due to the sanctions that were imposed in response to Iranian nuclear program.

The right to reach pre-sanction levels was the Islamic Republic’s main bargaining chip while pleading for an exemption from the OPEC producers’ supply-cut deal. Iran was given a leeway not to cut and its production was set at 3.797 million bpd as per the deal, below Tehran’s ask for being allowed to reach 4 million bpd.

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