Volume. 12197

Iran to invest $2.5b to build oil terminal at Sea of Oman port
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c_330_235_16777215_0___images_stories_edim_01_mg1(5).jpgTEHRAN – Iran is planning to invest $2.5 billion to build a new crude oil export terminal at Jask Port on the Sea of Oman, bypassing the strategic Strait of Hormuz, the only way in and out of the Persian Gulf, the managing director of the Iran Oil Terminals Company announced on Saturday.
Most of Iran’s exports are funneled through the big terminal on Kharg Island in the northern Persian Gulf, then shipped southward in supertankers through the Strait of Hormuz, the Mehr News Agency quoted IOTC Managing Director Pirouz Mousavi as saying.
Iran also plans to lay a pipeline running from the Caspian Sea in the north to Jask, Mousavi added.
Since a large number of joint oil and gas fields are located in the Persian Gulf, such a terminal will help the country expedite oil storage and export operations, he stated.
The Jask oil terminal will be comprised of storage facilities with a total capacity of 20 million barrels, loading and unloading docks, as well as onshore and offshore facilities, Mousavi said.
Iranian President Hassan Rouhani said in a meeting with domestic researchers in Tehran on Saturday that the diversification of oil export routes is one of the most strategic policies of his administration.
Mohsen Qamsari, the deputy director for international affairs of the National Iranian Oil Company, recently said that Iran is exporting an average of one million barrels of oil per day based on the November 2013 interim nuclear deal with the 5+1 group (the United States, Britain, France, Russia, China, and Germany).
Under the deal, the six countries undertook to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities.
The two sides agreed to extend the nuclear talks until November 24, with a view to achieving a permanent accord.
Iran produced 2.762 million barrels of oil per day in July, the Organization of Petroleum Exporting Countries (OPEC) said in its latest report. 
Iranian Oil Minister Bijan Namdar Zanganeh has set an output target of 5.7 million barrels of crude oil per day by 2018, according to official statements. 
Iran possesses the world’s fourth largest crude oil reserves, with 157 billion barrels of recoverable reserves.
CAPTION: The “Tee” Berth is the largest of the National Iranian Oil Company’s loading terminals at Kharg Island, located 25 kilometers off the coast of Iran in the Persian Gulf. The jetty has a capacity to accommodate very large crude carriers (VLCC) of 300,000 deadweight tons.

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