FINANCIAL NEWS

Iraq crude storage capacity gets lift

18 Mar 2011

(MENAFN) An engineer at Iraq’s state-run South Oil Company, Uday Nader, said that the country started working on large scale oil production and export projects aiming at increasing the country’s capacity of oil storage by the end of 2011 to 7.8 million barrels per day, reported Gulf Daily News.

Nader said that as a part of the expansion plan, the country is developing eight new tanks in the southern Faw peninsula with the capacity of storing an addition of 2.8 million bpd to Iraq’s current 5 million bpd.

Nader also said that the country would also construct a minimum of 4 new floating ports. He noted that all projects were progressing according to schedule.

It is worth noting that Iraq aims at expanding its crude exporting operations and thus, the country is working on raising its storage capacity to 50 million barrels by the end of 2012.

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