The president of Iran, Hassan Rouhani, has opened a new oil export terminal on Qeshm Island in Iran.
Qeshm Oil Investment Company is developing the terminal on a 117 ha site in the south of Qeshm Island near Direstan, according to a statement released by the Qeshm Free Area Organization. The terminal has cost €150 million to build so far and the first phase has a capacity of 3.2 million bbl in six tanks. When complete, the terminal will have a capacity of 6.5 million bbl and will store crude oil and gas condensate.
The second phase of the project will include a further seven tanks – five with a capacity of 540,000 bbl and two with a capacity of 270,000 bbl. Qeshm Oil Investment Company expects to complete the second phase in early 2021.
The development includes a 22 km pipeline connecting the terminal to the Gurzin Qeshm refinery. There is also the potential to send and receive oil and petroleum products from the Persian Gulf Star refineries and Bandar Abbas, offering security of supply and improving energy security and production stability.
The project was one of 58 infrastructure and development projects in Iran officially inaugurated by Rouhani on 10 September 2020 by video conference.