A new oil export terminal on Qeshm Island in Iran has been opened by Hassan Rouhani, the President of Iran.

The terminal is being developed by Qeshm Oil Investment Company on a 117 ha site in the south of Qeshm Island near Direstan.

The first phase has a capacity of 3.2 million bbl in six tanks and has cost €150 million so far. When complete, the terminal will have a capacity of 6.5 million bbl and will store crude oil and gas condensate.

The second phase of the project will include a further seven tanks – five with a capacity of 540,000 bbl and two with a capacity of 270,000 bbl.

The development includes a 22km pipeline connecting the terminal to the Gurzin Qeshm refinery. There is also the potential to send and receive oil and petroleum products from the Persian Gulf Star refineries and Bandar Abbas, “offering security of supply and improving energy security and production stability”.

Qeshm Oil Investment Company expects to complete the second phase in early 2021.

For more information visit qoic.ir/en/

14th September 2020