TEHRAN – A total of 10 million barrels of crude will be added to Iran’s strategic oil reserve by the end of Iranian calendar year 1386 (March 20, 2008), construction plan manager at Petroleum Engineering and Development Company (MATN) assured here on Sunday.

“The project is to meet domestic demand under strategic circumstances and also to strike a balance in production, consumption, and exportation,” Hushang Kamaii added.

At the time of excess production or reduction in exports, the crude flows to the concrete reservoirs built by the Iranian experts for the first time.

“A tank with a 500,000-barrel capacity is operational on Sirri Island in the Persian Gulf waters and two more of the same capacity will be completed in the southern capital Ahvaz in four months.

“Seven steel tanks should also come on stream by yearend (March 20, 2007) bringing the figure to three million,” he elaborated.

The remnant 7 million barrels will be stored in 10 cement pools one year after, Kamaii said.