IRAN TO INVEST $ 2.5 BLN

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. 

oilandgaseurasia.com