SearchChina, Iran to jointly build oil terminal in Persian Gulf

China, Iran to jointly build oil terminal in Persian Gulf...
nation.com.pk 14/06/2016 Economy

Keywords:#China, #Hormuz, #Iran, #Iranian, #Machine_Making, #Nation.com.pk, #Persian, #Persian_Gulf, #Qeshm, #Qeshm_Island, #Strait_of_Hormuz

TEHRAN: China and Iran have signed a contract to jointly establish an oil terminal on Qeshm Island in the southern Persian Gulf, which will turn the island into an important hub for oil production and reserves, Iran's official media reported.
Iran's Machine Making Co. signed the contract, valued at $550 million, with China's largest heavy industry enterprise to build the island into Iran's largest oil production and reserve base.
After the completion of the first phase of the project, Qeshm Island will be capable of storing 10 million barrels of crude oil, according to Iranian state television.
This is one of the largest projects currently in the field, according to an employee working on the project. It can accommodate tankers up to 140 meters deep and at least 30 million barrels of crude oil.
The oil terminal involves a 10-year lease agreement and will generate up to $300 million in revenue every year.
Located north of the Strait of Hormuz, Qeshm Island is the largest island in both Iran and the Persian Gulf, covering an area of 1,491 kilometers. All oil tankers in the Persian Gulf will have to pass through it.
---TEHRAN: China and Iran have signed a contract to jointly establish an oil terminal on Qeshm Island in the southern Persian Gulf, which will turn the island ---
...

Read more from Source »

Related articles based on keyword density
Hormoz Island Liberated...
1host2u.ir 22/04/1622 History
A few years after 1498 when Vasco da Gama travelled from Portugal to India, Alfonso Albuquerque visited the Hormoz Island in 1507 and offered protecti...View Details»

Iran’s water crisis the product of decades of bad planning - The Washi...
washingtonpost.com 03/07/2014 Nature
By Jason Rezaian July 2 at 7:00 AM Follow @jrezaian TEHRAN — Iran is headed for a water shortage of epic proportions, and little is being done to re...View Details»

Iran Planning to Set Up New Financial Center on Qeshm Island ...
bloomberg.com 14/06/2016 Economy
By Ladane Nasseri Country plans finance centre in free zone on island of Qeshm Iran seeking to lure financial firms to market of 80 million *...View Details»

Iran Boosts Output from Hengam Oilfield Sevenfold Farsnews...
english.farsnews.com 26/09/2013 News
TEHRAN (FNA)- Iran has increased production from the offshore Hengam oilfield, which it shares with Oman in the Persian Gulf, sevenfold to reach 30,00...View Details»

What to Know About Doing Business in Iran...
hbr.org 06/05/2016 Economy
By Matthew Spivack Foreign companies, foreign governments, and Iranians expected to see improvements to Iran’s investment climate after implementing ...View Details»


EOF