The news that sanctions are set to be eased on Iran following talks in Geneva is likely to have a significant effect on the tank storage industry in the region. Iran holds the world’s fourth-largest oil reserves, but its exports and oil industry have been hurt by the tough UN sanctions against it in response to its development of uranium. Though Iran will not be allowed to increase its oil sales for six months, the deal has eased tensions and Iran’s Press TV reported on Sunday that they will build storage facilities for millions of barrels of additional oil storage in the Gulf over the next few months.
“By the middle of the next (Persian calendar) year (beginning March 20, 2013), nearly 8.1 million barrels will be added to the crude oil storage capacity of Iran,” Press TV reported the managing director of the Iranian Offshore Oil Company (IOOC), Mahmoud Zirakchian-Zadeh, as saying.
Tank World 