Iran will complete the construction of four storage tanks its Kharg oil terminal.
The tanks which will take up to 1 million barrels each are expected to be completed in August, as the necessary equipment needed to complete the project have been moved to the oil terminal.
After completion, the tanks would need to be maintained every 15 years following a new cathodic protection system that will be applied to double the lifespan of the tanks.
Iran Oil Terminals Company stated that its cost of storing a barrel of oil is about $11 compared to the $28 attainable in other parts of the world.
The four storage tanks at the Kharg oil terminal will see its capacity grow to 28 million barrels.
