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)

Logistics News

Ship Design, Maritime Accidents and There’s a Master on the Run

Ship Design, Maritime Accidents and There’s a Master on the Run

Maersk: Effective US Tariffs Average Around 21% Currently

Maersk: Effective US Tariffs Average Around 21% Currently

US Grain Shipments Surge 9% in face of Chinese Tariffs

US Grain Shipments Surge 9% in face of Chinese Tariffs

Great Lakes Limestone Trade Up in June

Great Lakes Limestone Trade Up in June

Subscribe for Maritime Logistics Professional E‑News

Mayor of Moscow: Russian air defences shot down four drones heading for Moscow
Homeland Security reports eight migrants were deported to South Sudan from Djibouti.
CANADA-CRUDE-Discount on Western Canada Select unchanged