LONDON, August 24 (IranMania) - Iran plans to start construction of four one-million oil storage tanks in Kharg Island in a bid to
double its oil reserve capacity, PressTV reported.
The managing director of Oil Terminals Company, a subsidiary of the state-run National Iranian Oil Company, says the new storage
capacity is necessary to store seasonal offshore oil into onshore storage facilities.
"Construction of the tanks will enable the country to raise its storage capacity by 50 per cent," says Mousa Souri, reported
by ISNA on Friday.
This is part of the long term energy strategy policy of the country to increase its oil reserves as current level of stored crude oil in
tankers are considered to be at their 5-years low, Souri added.
Construction of the storage tanks is expected to take 18-24 months and whether international contractors will be used is not clear at
this time.
Kharg Island is located in the northeastern Persian Gulf, 16 miles (25 km) off the coast of Iran and 300 miles (483 km) north of the
Strait of Hormuz.