Publishe Date: 11:14 AM - 8/24/2014 | Print

Official: Iran to Boost Oil Products Storage Capacity

Economy - An Iranian energy official underlined that construction of more storage facilities has always stood atop the oil ministry's agenda, and said Iran's oil products storage capacity will reach 13 billion liters (bl) after the completion of some relevant projects in a bid to maintain balance in supply and demand.

“Over the past one year, numerous storage facilities have become operational across the country and the petroleum products storage capacity has significantly risen,” Managing Director of the National Iranian Oil Products Distribution Company (NIOPDC) Nasser Sajjadi said.

He went on to say that storage facilities have been built across the country, including in Arak, Kerman, Bojnourd, Qom, Semnan and Gorgan.

Sajjadi said storage facilities are expected to see 800-million-liter increase in their storage capacity up to March 2015.

Iran ranks the third globally in terms of oil reserves while having the world's second-largest natural gas reserves after Russia with 34 trillion cubic meters of natural gas reserves.

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