Iran could circumvent sanctions with crude storage capacity boost

21 March 2012

The National Iranian Oil Terminals Co has said the country plans to increase its crude oil storage capacity with the aim of circumventing the sanctions imposed on the country's oil industry, Tehran Times has reported. The National Iranian Oil Co is set to start using a new storage facility at the Kharg Island oil terminal in the northern Gulf once the project has been completed, the company said. Four other new storage facilities are also being built on Kharg Island with the overall capacity of four million barrels of crude.

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