Iran Unable to Sell Oil, Builds New Storage Facilities

By Admin
Iran announces plans to build new oil storage facilities in order to store more of the fuel it isn't selling due to Western sanctions over its dis...

 

Iran announces plans to build new oil storage facilities in order to store more of the fuel it isn't selling due to Western sanctions over its disputed nuclear program.

"By the middle of the next (Persian calendar) year (beginning March 20, 2013), nearly 8.1 million barrels will be added to the crude oil storage capacity of Iran," Press TV reported the managing director of the Iranian Offshore Oil Company (IOOC), Mahmoud Zirakchian-Zadeh, as saying.

As a nation with the world's third largest proven oil reserves, the sanctions have definitely made an impact on the country's economy, where crude oil exports account for 80 percent of its foreign revenue.

As a result, Iran's national airline has nearly doubled prices on plane tickets for many foreign destinations due to higher fuel prices and the diminishing value of the rial against other currencies.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Sanctions on Iran Dramaticall Cut Oil Exports

Iran to Focus on Oil Products, Not Crude

Read More in Energy Digital's November Issue

Iran's oil exports plunged to 1 million barrels a day in July from 1.74 million barrels in the previous month, according to the International Energy Agency.

Some of Iran's fleet of oil tankers have been used to store crude in early 2012, but the number of ships anchored off its main export terminal in the Gulf has fallen sharply in recent months. The amount of crude held in floating storage nearly halved to 13 million barrels at the end of October from as high as 25-30 million in April, according to IEA estimates.

Iran continues to deny charges that its uranium enrichment program is geared towards developing nuclear weapons, but rather towards generating electricity and producing radioisotopes to treat cancer patients.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

 

 

Share

Featured Articles

Digital Realty & Schneider: Powering Net Zero Data Centres

With Schneider Electric, Digital Realty has signed five renewable energy PPAs, totalling 134MW, to bring its global renewable energy contract to 1.4GW

Collaboration Driving New Zealand's Renewable Energy Future

Spark and Genesis Energy will join forces to supply the telco with renewable energy to power its operations, providing a cleaner energy future for NZ

Is Volcanic Ash an Answer to Efficient Solar Energy Storage?

Volcanic ash, typically seen as a disruptive force, is now hailed by University of Barcelona researchers as a valuable energy storage medium

EY: How CEOs are Pushing Energy Transition Priorities

Sustainability

Reducing Low-Carbon Hydrogen Costs Key to Decarbonisation

Sustainability

Sustainability LIVE Among World’s Top Sustainability Events

Sustainability