Bloomberg News

Iran Seeks to Build New ‘Hub’ for Crude Exports, Shana Says

June 10, 2012

Iran will build a $5.2 billion export terminal in the southern port city of Jask and turn it into the new “hub” for crude exports, the Oil Ministry’s website, Shana, reported.

Some 20 million barrels of crude will be kept at the storage terminal, which will be located on the Gulf of Oman, east of the Strait of Hormuz, Pirouz Mousavi, head of the Iranian Oil Terminals Co. said in the report published today.

Iran also plans to build a pipeline from the northern port of Neka on the Caspian Sea to Jask, that will be have the capacity to transfer a million oil barrels a day, Mousavi said without giving a timeline for the project’s completion.

Iran’s largest oil terminal is located on Kharg Island. Iran is under a series of international financial and trade sanctions over its nuclear program which have delayed its energy projects. A European Union embargo on Iranian oil is set to come into force on July 1.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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