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Iran's strategic crude reserves to rise by 10m barrels by March 2008

TEHRAN, Aug. 6 (Mehr News Agency) - A total of 10 million barrels of crude will be added to Iran's strategic oil reserve by the end of Iranian calendar year 1386 (March 20, 2008), construction plan manager at Petroleum Engineering and Development Company (MATN) assured here on Sunday.

"The project is to meet domestic demand under strategic circumstances and also to strike a balance in production, consumption, and exportation," Hushang Kamaii added.

At the time of excess production or reduction in exports, the crude flows to the concrete reservoirs built by the Iranian experts for the first time.

"A tank with a 500,000-barrel capacity is operational on Sirri Island in the Persian Gulf waters and two more of the same capacity will be completed in the southern capital Ahvaz in four months.

"Seven steel tanks should also come on stream by yearend (March 20, 2007) bringing the figure to three million," he elaborated.

The remnant 7 million barrels will be stored in 10 cement pools one year after, Kamaii said.

Storing Sorush, Noruz oil costs $243m

TEHRAN, Aug. 6 (Mehr News Agency) - The storage of 15 million barrels of unsold oil in the tankers has cost the nation around $243 million within the past eight months.

The surplus oil storage, taking place at the Persian Gulf waters, cost about one million dollars per day.

Storage of the oil in the tankers has been due to the unfavorable market situations.

Two of the vessels are still waiting at the oil platforms of the fields to sell their remaining oil.

The daily production from Sorush and Noruz oil fields is currently around 150,000 barrels per day (bpd). However, the figure is expected to hit 200,000 bpd in the near future.

... Payvand News - 8/6/06 ... --

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