The Iranian Offshore Oil Company (IOOC) will boost its storage capacity to 25 million barrels by repairing 7 storage tanks by the year-end to March 20.
Managing Director of IOOC Saeid Hafezi told Shana that the company’s storage capacity is currently at 18.2 million barrels which will cross 25 million barrels once it brings online 7 old storage tanks by the end of the year.
“For the time being, we have no plans to add to the number of our storage units,” said Hafezi.
He said, however, that IOOC is planning to boost its crude oil output by injecting water to oil reserves in the fields it has developed.
IOOC is one of the 6 subsidiaries of the state-run National Iranian Oil Company (NIOC) and operates oil production in the Persian Gulf.