President orders opening of new oil export terminal

9/10/2020 10:45:00 AM

Iranian President Hassan Rouhani has ordered the opening of new oil export terminal with relatively large storage and bunkering facilities near the mouth of the Persian Gulf.

Rouhani on Thursday said that the terminal opened in Qeshm Island, located in the Strait of Hormuz off the Iranian southern coast, would significantly boost Iran’s capacity for export while increasing the capacity for ship bunkering in the region.

“Today an important zone for exports of oil products was opened in Qeshm where ships will be able to dock for bunkering,” said Rouhani of the the Deyrestan oil terminal while using a video conference call to open the facility.

A report on the website of Qeshm Free Economic Zone said that the Qeshm Oil Investment Company had spent some $150 million euros to launch the oil terminal.

The report said the facility would have a final storage capacity of 6.5 million barrels per day (bpd) of crude and condensates once the second and final phase of the project is launched in early 2021.

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