The Iran government has decided to privatise a 40% share of its Iranian Oil Terminals Company to facilitate expansion of oil storage capacity.
Iranian Oil Terminals Company has four hubs loading more than 2,000 oil tankers per year and is a part of the National Iranian Oil Company (NIOC).
After the transfer of 40% of ownership of the terminals, the expansion of oil storage facilities must be carried out in partnership with the private sector.
The ownership of the jetties, metering facilities and storage tanks will still remain in government hands.
The transferred 40% shares include the oil terminals at the port of Kharg Island and Asaluyeh (on the Persian Gulf) and Neka (on the Caspian Sea).