Managing Director of Iranian Oil Terminals Company Pirouz Mousavi said on Saturday that Iran will see its crude oil storage capacity rise by 10 mb once new storage facilities come online in the southern city of Genaveh, 40 km off Kharg island, within the next 20 days.
"By inauguration of a number of projects in line with the Economy of Resistance, Iran has raised its export capacity at Kharg Island and has minimized the time vessels have to wait for loading at the terminal."
He said given the reduction of berthing time at the terminal, no oil can be stored on floating vessels.
Mousavi said four new storage tanks will become operational by the next 20 days in Genaveh to bring storage capacity in the region to 28 million barrels.
"More storage capacity in the island is translated into more bargaining power for Iran in oil export," he added.