Iran to build 10 million-barrel oil storage facility - media

A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm yesterday 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, adding that Omid Investment Management Group Co. also signed the deal, under which construction should be completed within three years.