Iran to Complete Oil Export Terminal by Year End

Iran to Complete Oil Export Terminal by Year End

The National Iranian Oil Company’s (NIOC) Director for International Affairs, Mohsen Qamsari, said that NIOC expects to complete a pipeline and a terminal near Kharg Island by the end of 2016, in preparation to start exporting the new grade crude, known as West Kharoon, Reuters reported.

Qamsari said:”as soon as the pipeline and terminal are completed, we will be able to segregate and export this crude.” He added that initial production of the new grade is just under 300,000b/d, making it key in boosting Iranian production, wrote Tasnim News.

Located in 57km northwest of Bushehr in the Persian Gulf, Kharg Island is Iran’s biggest oil export terminal.

Iran currently produces more than 3.8mb/d of crude, with a possibility of boosting output to 4mb/d. Yet, Tehran has engaged in freeze talks with other members of the Organization of the Petroleum Exporting Countries (OPEC), stipulated that Iran will consider the proposal only when it returns to pre-sanction oil production levels.


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