A 1 million barrel oil storage facility has been launched in Iran.
The facility is located in the oil region of Bahrega, Bushehr province. Today this district produces 235,000 barrels a day of oil after it began production in the 1950s.
The upgrades that have now been completed on the facility, which were carried out by Iranian specialists, means it can continue operating for a further 50 years.
It was previously reported that Iran could store crude oil in the Persian Gulf for 10-12 days. However, the increase in new storage facilities, including the one in Bahrega and a second, 1 million barrel storage facility at the Kharg Island oil terminal which was re-commissioned in March, could see this capacity increased to 30-40 days.
And in January, the nation broke ground on an 8 million barrel private oil terminal.
Iran has the third largest oil reserves in the world, and has the second-largest natural gas reserves.