Iran to Build Crude Oil Storage Facility at Gulf of Oman Port

October 1, 2018

© bierwirm / Adobe Stock
© bierwirm / Adobe Stock

A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million), the oil ministry news website SHANA reported.

State-run NIOC's subsidiary Petroleum Engineering and Development Co. (PEDEC) signed the agreement with Petro Omid Asia Co. to build the facility with a total capacity of 10 million barrels on a build-operate-transfer (BOT) basis in Jask, which is located on the Gulf of Oman coast, SHANA said.

Omid Investment Management Group Co. also signed the deal, under which construction should be completed within three years, SHANA added.


(Reporting by Dubai newsroom; Editing by Adrian Croft)



Current News

Oil Companies Push Carbon-capture Efforts

Oil Companies Push Carbon-capture Efforts

Petronas Q2 Profit Rises 8%

Petronas Q2 Profit Rises 8%

Timor Resource to Drill 5 Wells in Timor-Leste

Saudi Aramco Pursues IPO Planning Despite Attack

Saudi Aramco Pursues IPO Planning Despite Attack

Middle East Risks Keep Oil Prices High

Middle East Risks Keep Oil Prices High

Transborders Joins Forces with Osaka Gas

Transborders Joins Forces with Osaka Gas

BP Awards Caspian ACG Contracts

BP Awards Caspian ACG Contracts

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week