RIP Big Mike Duran!

Iran has plans to increase its oil storage capacity to 32 million barrels, according to a spokesperson from the Iranian Oil Terminals Company (IOTC).



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Iran has plans to increase its oil storage capacity to 32 million barrels, according to a spokesperson from the Iranian Oil Terminals Company (IOTC).

The country has reportedly launched a test operation of four new storage facilities in Kharg Island. The terminals have a combined capacity of 4 million barrels and will bring Iran's total oil storage capacity up to 28 million barrels once they come on-stream.

Based on global standards, Iran wants to have enough storage capacity for 15 days of exports.

The new facilities reportedly cost around 420 billion rials (€12.3 million), and more are planned.